Consumers were more hopeful of a recovery to the U.S. economy in the early part of this month as many states reopened and the employment picture for May showed signs of a turnaround. Consumer Sentiment rose to 78.9 in from 72.3 in May, it's second monthly gain. However, few consumers anticipate the reestablishment of favorable economic conditions anytime soon. “The damage done by this coronavirus to our economy has been extensive -- we haven’t yet dealt with the small business firms that are going to go out of business and the many households that haven’t made mortgage or rent payments in a while,” said Richard Curtin.
After suffering their worst day since mid-March, investors are pushing stocks higher today after booking profits the past three trading days. Pullbacks are not just common after big gains, but welcome and needed ... especially after the S&P rose nearly 45% from the March 23 lows. The Dow Jones Industrial Average is up 300 points. The bond markets are seeing lower prices, higher yields as the volatile week comes to a close.
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