Stocks closed modestly higher Friday, with the Dow Jones Industrial Average erasing its losses for the year to date and the S&P 500 and Nasdaq indexes carving out fresh record closes, as investors sifted through data on U.S. consumer spending and confidence, a day after the Federal Reserve announced a policy shift that would allow employment and inflation to run hotter than in the past.
The Dow DJIA, +0.56% closed higher by 161.60 points, or 0.6%, at 28,653.87, while the S&P 500 SPX, +0.67% rose 23.46 points, or 0.7%, to close at 3,508.01. The Nasdaq Composite COMP, +0.60% COMP, +0.60% advanced 70.30 points, 0.6%, to 11,695.63.
Perhaps the Democrats attempts to pin the "bad economy" on Trump better hope that they still have enough data to suggest that there still is a "bad economy" come November. All of the economic markers are up and we still may see another round of stimulus to put money in the pockets of Americans just before the election!
Meanwhile, in other news:
WASHINGTON (Reuters) - U.S. consumer spending increased more than expected in July, boosting expectations for a sharp rebound in economic growth in the third quarter, though momentum is likely to ebb as the COVID-19 pandemic lingers and money from the government runs out.
The media still likes to temper all of the good news with their opinion that things are not going to remain good. But as much as blue state Governors continue to do everything in their power to keep a lid on economic activity, it still continues to grow.
9 comments:
BREAKING: 6 mayors in historically Democrat strongholds on the Iron Range of Minnesota announce their support for President Trump
We've been hearing noises that Minnesota may be in play this November. If Biden loses the iron range, he's in deep shit.
My investments are Above post China Flu levels.
The Home Depot is crushing it.
I know I am not alone, other Ranchers/Farmers are feeling the same.
And land prices, oh yeah. Glad I bought that 65 acres.
US Housing shift to single family units
that happened two months ago and growth in Durable Goods really surged.
The flight from shithole Democrat inner cities is fueling it.
Jeremy McLellan
@JeremyMcLellan
If I was comparing conventions and didn’t know anything about the parties I’d be very surprised to hear that liberals had Hollywood on their side. Just an utter GOP blowout in terms of production quality, narrative, and persuasion. Election is Trump’s to lose.
Maybe they will win an Oscar
36 States have been granted matching funds to Get $400 additional to the unemployed. 7 States are in the process of being approved. South Dakota Governor has no need to apply.
Pres. Trump winning.
Yep.....that great trump economy will come right back under trump......BWAAAAAAAAAAAAA!!!! Dream on assholes!!!! Millions of Americans now living in Poverty and trump golfs!!!! 180k dead voters and trump tells his base what a great job he has done!!!! Me thinks many see through the bullshit and will give trump his just reward and away from his current immunity from being prosecuted!!!!!!
Hannah Denham and
Taylor Telford
August 23, 2020 at 5:17 p.m. EDT
Add to list
One of the most successful elements of the government’s response to the coronavirus recession — protecting people on the margins from falling into poverty — is faltering as the safety net shrinks and federal benefits expire.
Major recessions are especially fraught for low-income earners, whose finances can veer from tenuous to dire with one missed paycheck. But as the economy cratered this spring, economists and poverty experts were mildly surprised to discover that the torrent of government support that followed — particularly the $600 a week in expanded unemployment benefits and one-time $1,200 stimulus checks — likely lowered the overall poverty rate.
In fact, 17 million people would have dropped below the poverty line without the $500 billion in direct intervention for American families, said Zach Parolin, a researcher at Columbia University.
AD
Now, data show, those gains are eroding as federal inaction deprives Americans on the financial margins of additional support. If the unemployment rate stays around 10 percent and no new stimulus is delivered, “we can expect poverty rates to rise and climb higher than those observed in the Great Recession,” Parolin said. The poverty threshold for a family of four is $26,200, according to the U.S. Department of Health and Human Services.
Data collected by the Census Bureau capture the financial pain. For the week that ended July 21, the most recent numbers available, roughly 29 million U.S. adults — about 12.1 percent — said their household sometimes or often didn’t have enough to eat the preceding seven days, according to the Center on Budget and Policy Priorities. Nearly 15 million renters said they were behind on rent during the same period.
Bruce Meyer, a University of Chicago professor who studies poverty and inequality, said the Cares Act stimulus package more than offset lost earnings for many low-wage earners. This helped lower the nation’s poverty rate in April and May, when it was projected to spike after the pandemic set off widespread job losses.
And the goat fucker lives in mommy's basement counting his wealth like the sinful moneychangers!!!!!!!!!
olitics
TV ratings for the Democratic convention edge out the GOP’s
Joe Biden's nomination-acceptance speech won 2 million more TV viewers than President Trump's.
I love the stupidity of dems bragging about more convention tv viewers while pretending there's no c span or online streaming. Gop voters will purposely avoid the tv nets because God all the dem talking points spewed by the media.
Post a Comment