Most in NABE Survey See U.S. Recession Ending Late 2020, 2021
By Maeve Sheehey Half of panelists expect return to 4Q 2019 GDP level in 2022 Majority say Congress should extend aid to unemployed (Bloomberg) — The U.S. economy will emerge from the recession in the second half of this year or at some point in 2021, and a majority of economists said Congress needs to extend […]
S&P 500, Nasdaq end at records after upbeat business surveys
The S&P 500 and Nasdaq closed at record highs on Friday, with both lifted by Apple after data pointed to some pockets of strength in the U.S. economy.
U.S. Existing-Home Sales Surged in July by Most on Record
By Maeve Sheehey Pace strongest since 2006; all regions post double-digit gains Median price jumps as inventories decline from year earlier (Bloomberg) — U.S. sales of previously owned homes surged by the most on record in July as lower mortgage rates continued to power a residential real estate market that’s proving a key source of strength […]
BofA Clients With $489 Billion Finally Trust This Bull Market
By Ksenia Galouchko 79% in survey expect stronger economy, most since 2009 BofA strategists say positioning isn’t ‘dangerously bullish’ (Bloomberg) — It took unprecedented stimulus and a rally that’s pushed equities near record highs, but fund managers overseeing $489 billion finally believe that this stock market recovery has legs. Among investors surveyed by Bank of America […]
Oil Rises With Stronger Equities on Signals of Economic Recovery
By Andres Guerra Luz U.S. equities rally, boosted by fresh China stimulus overnight WTI futures reverse losses and rise as much as 1.4% on Monday (Bloomberg) — Oil surged in lockstep with stronger equities as investors searched for signals that the economy is on the mend, boosting prospects for consumption. Equities in the U.S., Europe and Asia […]
Europe’s Fading Rebound Turns V-Shape Recovery Into Bird Wing
By William Horobin and Zoe Schneeweiss High-frequency indicators signal slowdown as virus cases gain Return to pre-virus levels of activity won’t be any time soon (Bloomberg) — The relief as economic activity surged in Europe when coronavirus lockdowns ended is giving way to renewed gloom that suggests a full recovery is a long way off. Hopes for a […]
Goldman Boosts S&P 500 Target by 20% as Strategists Catch Up
By Joanna Ossinger and Ksenia Galouchko David Kostin lifts year-end S&P 500 target to 3,600 from 3,000 JPMorgan strategists join Goldman in being bullish on U.S. (Bloomberg) — Goldman Sachs Group Inc. is the latest firm to boost its year-end price target for the S&P 500, as a relentless rally off the March lows leaves strategist predictions in […]
Homebuilder sentiment jumps to record high, but soaring lumber prices could ‘dampen momentum’
Potential buyers flooded into model homes across the nation, and that has builders feeling better about their business than at any time over the past 20 years. But rising lumber prices could sap the market’s momentum this fall. Builder confidence in the newly built, single-family home market jumped 6 points to 78 in August on […]
China’s Days as World’s Factory Are Over, IPhone Maker Says
By Debby Wu Hon Hai planning separate supply lines for the two big markets Company’s earnings outperformed expectations but warns on Q3 (Bloomberg) — A key supplier to Apple Inc. and a dozen other tech giants plans to split its supply chain between the Chinese market and the U.S., declaring that China’s time as factory to the world […]
Goldman Sachs chief equity strategist says tech is still the best long-term bet
Goldman Sachs’ chief U.S. equity strategist told CNBC on Tuesday that technology stocks still offer long-term investors the best growth potential despite a recent rotation into value-oriented names. “The idea of better growth still rests with technology,” David Kostin said on “Squawk on the Street,” adding the low-interest rate policy that is likely to persist for years in the wake of […]