Widespread economic devastation, severe unemployment and a grim prognosis for recovery have not stopped the stock market’s exuberance. “This market is nuts,” said Howard Silverblatt, senior index analyst for S&P Dow Jones Indices. They have also been emboldened by the Federal Reserve’s steadfast support of the markets and unwavering embrace of low interest rates. Expectations for 2020 corporate profits, formulated by Wall Street analysts, seem to have stopped plummeting. Some 1.8 million new jobs were added in July, and weekly state unemployment benefit claims have fallen below one million for the first time since March.

Source: New York Times August 18, 2020 21:11 UTC