The US economy is displaying remarkable resilience and is still seeing a “V-shaped recovery” despite some setbacks in efforts to reopen state economies that had been shuttered by the C-19 coronavirus.
“At the moment, the story looks very good. We are set for a V-shaped recovery,” National Economic Council Director Larry Kudlow said on TV Monday. “Might it change? Yes, it might and we’ll be looking very, very carefully at this.”
Mr. Kudlow said The Trump Administration’s main goal is to encourage more hiring, adding that it would likely get behind an effort to put in place a re-employment bonus as Congress considers a further round of aid/relief/stimulus.
That would be in lieu of renewing a $600 supplement to weekly jobless benefits approved by Congress in an earlier relief bill. Those supplemental payments end at on 31 July.
Mr. Kudlow said. “We want to give them, perhaps, a boost, a benefit for re-employment and we want them to come back to work.“
He cautioned that The Trump Administration had not made a final decision on its position.
Monday, the major US stock market indexes finished at: DJIA +580.25 at 25595.82, NAS Comp +116.93 at 9874.16, S&P 500 +44.19 at 3053.11
Volume: Trade on the NYSE came in at 965-M/shares exchanged
- NAS Comp +10.1% YTD
- S&P 500 -5.5% YTD
- DJIS -10.3% YTD
- Russell 2000 -14.8% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias.
Looking Ahead: Investors will receive the Conference Board’s Consumer Confidence Index for June, the Chicago PMI for June, and the S&P Case-Shiller Home Price Index for April Tuesday.
Have a healthy day, Keep the Faith!