Comic: Federal Reserve Stimulus Drives Wall Street Towards All-Time Highs

Comic: Federal Reserve Stimulus Drives Wall Street Towards All-Time Highs  | Jul 11, 2020 21:31

Comic: Federal Reserve Stimulus Drives Wall Street Towards All-Time Highs

By Jesse Cohen - Stocks on Wall Street notched their second weekly gain in a row as the economy continues to recover from the Covid-19 pandemic.

The Dow Jones Industrial Average rose 1% for the week while the S&P 500 jumped 1.8% in the same time period.

The tech-heavy Nasdaq Composite, meanwhile, climbed 4% on the week to end at another record high, boosted by gains in Amazon (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX).

Stocks have rallied sharply in recent months, with all three benchmarks up more than 40% from their lows set on March 23 - when coronavirus-related lockdowns shocked the stock market - as a barrage of stimulus from the Federal Reserve stoked risk appetite.

The U.S. central bank slashed interest rates to zero and rolled out around $2 trillion in stimulus to support the economy in the wake of the coronavirus crisis.

However, many market experts have warned the rally could be tested with the start of the second-quarter earnings season on Wall Street next week.

JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) report their results on Tuesday, followed by Goldman Sachs (NYSE:GS) on Wednesday.

Thursday will see Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) report their results, with Netflix then due after the closing bell.

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