A combination of the Fed buying Corporate Bonds and a Retail Sales Report showing a hard -to – believe Monthly gain for May at 17.7% saw US Indices soar. This move higher saw the S&P fill some of last week’s 3190/3119 ‘’Open Gap’’ as mentioned at length in yesterday’s commentary. The rebound in Retail Sales was broad based with all 13 categories posting an increase. Today is the third consecutive higher close for the S&P as markets ignore the increase in Coronavirus cases in a number of US States and China, which reported 80 new cases over four days, most associated with a Beijing food market. China saw thousands of new cases per day when the virus was at its worst in February. However better testing has led to 8000 of the market’s 10,000 employees been tested right away. The S&P closed with energy, health care and materials leading the market higher. In his Testimony to Congress, Fed Chairman Jerome Powell said that the U.S economy may be bottoming out. Gains quickly vanished after Texas reported a surge in hospitalisations, with the S&P hitting an afternoon low at 3077 before reversing quickly. A subsequent announcement that the White House was in discussions on a +$1 trillion stimulus package boosted stocks. There is also talk of an infrastructure package could soon be proposed by the Trump Administration. Both the US Dollar and Treasuries rose along with Oil, while Gold again traded sideways as is has done for the last two months. In other news, German Investor Confidence rebounded to the highest level since 2006, on hopes that Q2 would mark the worst of the Pandemic. Finally. Oil rose 2.83% after the IEA predicted a record rebound next year.
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