Thursday, Top White House economic adviser Larry Kudlow said the US economy will not shut down again and cripple the strong economic recovery.
Mr. Kudlow said there will be “spikes and hot spots,” that might force shutdowns “in individual places or certain stores.” But the American people will/can “have to live with this, from time to time.”
“So we are going to see these things. But the economy is not going to be closed down again,” the director of the National Economic Council, later told reporters at the White House.
President Trump’s Top economic aide expressed optimism about the economic data, saying he expects a 20% rebound in GDP in Qs 3 and 4 of this year.
He believes the US unemployment rate could fall below 10% by year’s end. It was 13.3% in May.
“I think the strong V recovery is still right there,” he said. “I am pretty hopeful once we get the next set of jobs report, based on these weekly numbers.”
Mr. Kudlow downplayed the rise in new virus cases, saying that the rate of increase had only risen nationally “a little bit.”
“The health experts are not telling us there’s a 2nd wave and we have the tools to deal with this much more expeditiously than we had 2 or 3 months ago,” he said.
Thursday, the major US stock market indexes finished at: DJIA +299.66 at 25745.62, NAS Comp +107.84 at 10017.01, S&P 500 +33.43 at 3083.63
Volume: Trade on the NYSE came in at 967-B/shares exchanged
- NAS Comp +11.6% YTD
- S&P 500 -4.6% YTD
- DJIA -9.8% YTD
- Russell 2000 -15.3% YTD
HeffX-LTN’s overall technical outlook on the major US stock market indexes is Bullish with a Very Bullish bias in here.
Looking Ahead: Investors will receive the Personal Income and Spending report for May and the revised University of Michigan Index of Consumer Sentiment (MSI) for June Friday.
Have a healthy day, Keep the Faith!