The S&P Rides Higher With Fed's Blessing

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Posted: Aug 03, 2020 1:17 PM
The S&P Rides Higher With Fed's Blessing

Source: AP Photo/Richard Drew

The biggest news of the week for the S&P 500 (Index: SPX) came on Wednesday, 29 July 2020, as Federal Reserve Chair Jerome Powell confirmed the Federal Reserve is "committed to using our full range of tools to support the U.S. economy at this difficult time".

Combined with strong earnings reports from the megacap tech companies whose share of the S&P 500 has surged during the coronavirus recession, the S&P 500 index continued its upward trajectory, as anticipated.

To see the chart, click here.

We'll take a closer look at the growing share that America's megacap tech firms are now claiming later this week.

The news of the week that was points to the ongoing coronavirus epidemic in the U.S. as a driving factor affecting the Fed's expansionary stance. That stance is an outcome of the delayed first wave of infections now affecting large population states, such as California, Florida, and Texas, that had largely escaped having significant numbers of cases when the virus ran rampant through the northeastern part of the country back in March and April 2020.

Here are the more notable market moving headlines we found in the past week's newstream.

Monday, 27 July 2020
Tuesday, 28 July 2020
Wednesday, 29 July 2020
Thursday, 30 July 2020
Friday, 31 July 2020

Elsewhere, Barry Ritholtz presents a list of positives and negatives he found in the week's economics and markets news at The Big Picture.