S&P 500 on Pace for Best Quarter Since 1998

The first half of 2020 comes to a close today. The S&P 500 is on pace for its best quarter since 1998. Volatility could be creeping back into the market.

Yesterday was the S&P 500’s fourth day in a row of closing up or down by more than 1%. The stock market is calmer this morning but there are still concerns over the rising number of coronavirus cases. The EU has banned Americans who are traveling abroad for non-essential reasons.

This morning’s consumer confidence report showed an increase to 98.1. That’s up from 85.9 in May. Economists had been expecting an increase to 91. Consumer confidence is now at a three-month high but it’s still below pre-crisis levels.

Fed Chairman Jerome Powell will testify later today in front of the House Financial Services Committee. He’ll be discussing the CARES Act.

(The chart above is the Wilshire 5000, not the S&P 500, but it’s pretty much the same. FRED is only allowed to post that last 10 years of the S&P 500.)

Posted by on June 30th, 2020 at 10:35 am


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