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US stocks climb the ladder on economic stimulus idealism
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Last updated on August 28th, 2021 at 02:53 pm
US stocks climbed the ladder on enthusiasm and idealism that lawmakers will come to terms on a new economic stimulus package, bringing the critical global markets risk bellwether, the S&P 500, to the cusp of cleaning the slate and wiping off the entirety of year’s losses.
Gold extended gains amid speculation interest rates will stay low for longer with the Fed expected to put up little fuss about inflation rising. US equities were stronger Thursday, the S&P up 0.6% following losses in Europe and Asia.
As of yet, there’s still no breakthrough on US stimulus talks between Republicans and Democrats, but in an election year it’s crazy to think politicians will take a fabulously frugal approach as penniless parenting is rampant across the nation, given the services sector beat down and loss of jobs due to Covid-19; this isn’t about buying gasoline for the family sedan, it’s about feeding kids!
We should expect some position squaring ahead of the NFP, but after the forecasting error exposed in the data-gathering causing revisions to the ADP reports to the magnitude of 2 million, probably the data will be less trusted, encouraging the markets to default back to trends. NFP report made for a bullish US dollar day as the Fed cares little about positive economic prints as it’s unlikely, even an in the case of a double dose of inflation, to change their funds outlook any time soon.
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