Leisure & Hospitality and Construction came back strong, hiring back many of the employees who had been laid off.
The Nasdaq 100 index hit an all-time high in intraday trading on June 4, becoming the first major U.S. index to reach record highs after coronavirus plunge.
This is still a huge number for new unemployed Americans in one week, but has come down from the previous week's 2.126 million, and well off the pace we saw in late March.
As regular economic data continues to depict a recessionary environment, the stock market is keeping its focus on the future.
4 Factors Driving The Stock Market Higher
For May, 2 million jobs were lost in the Services sector, with Goods losing 794K.
Wall Street has staged a comeback since late March, leaving behind the rest of the world.
The Dow posted is first day higher in the last 3 days -- finishing +0.36% as of the closing bell. The S&P 500 went up likewise: +0.38%.
These ETF areas have gained or lost assets in the month of May.
Increased levels of stress both at home and abroad aren't exactly being shrugged off by the market, but they're not being particularly negatively affected either.
The U.S. Senate passed a bill by unanimous consent recently to delist some Chinese corporations from U.S. exchanges.
Style Box ETF report for DEF
Market exuberance regarding the reopening of the U.S. economy and new stimulus bills in Japan and the European Union (EU) further bolster futures.
Many people missed out on the rapid 35% S&P 500 V-shaped recovery these past 2 months and with state economies reopening, investors fear they will miss out on a further upside in the stock market
In this video I readdress some of the levels that I have been focusing on and take a look at the growing spread between tech stocks and the broader market.
This news comes sooner and more positive than analysts had been expecting, and shares are up 35% in early trading this Monday.
Invesco QQQ (QQQ), which tracks the Nasdaq 100 Index, joined the $100 billion club of AUM last week.
The headline figures on Retail Sales, Empire State and Industrial Production may be striking, but come as a surprise to no one.
2.981 million new jobless claims were made last week, more than the 2.73 million expected but lower than the previous week's 3.17 million.
Fed chair Powell sees prolonged economic downturn in the U.S. economy which led to gains in these inverse ETFs.