Stocks up again. Stocks in the US opened higher to end what could be a strong week after losses last week. Bloomberg reported China plans to accelerate US agriculture purchases on an otherwise light news day. Spikes in COVID-19 cases continue in several southern and western US states as the reopen continues and economic data improves. Asian markets gained ground, while European markets were showing green in midday trading.
COVID-19 news. Confirmed new US cases rose 27,800 yesterday, a 21.3% increase, with almost all of the increase coming from the South. Arizona, Florida, California, South Carolina and Texas all reported record-high single-day increases. The positive test rate nationally also moved in the wrong direction, jumping to 5.8% yesterday. In more optimistic news, hospitalizations dipped nationally for the first time in three days (Source: COVID-19 Tracking Project).
LEI Turns Positive The Conference Board released its Leading Economic Index (LEI) report for May yesterday, showing the series returned to positive monthly growth after suffering steep declines in recent months. We examine the data release, as well as its implications for future economic growth and investors, in further detail on the LPL Research Blog.
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