By Francisco Rodriguez-Castro on August 28, 2020
SAN JUAN – The US stock market is on route to record the best August since the 1980s, or 40 years ago, as mostly technology and blue chip stocks drive the rally.
Also, some key benchmarks reported noting the economy is on a path to recovery:
- US Real Disposable Income rose to $ 16.58 trillion, up from $ 15.06 trillion last quarter, a 10.12% change from the previous quarter.
- US Automobile Manufacturing Shipments increased to $ 6.12 billion, up from $ 1.69 billion previous months and down from $ 9.18 billion one year ago. This is an increase of 261.6% from last month.
- US Index of Consumer Sentiment rose to 74.10, up from 72.50 last month and down from 89.80 one year ago.
- US Personal Consumption Expenditures is at 1.92%, compared to 6.17% last month
An international development of significance: Japanese Prime Minister Shinzo Abe is resigning due to health reasons.
The US economy is always evolving, and the pandemic’s blow tested every single piece in the economic puzzle. The strategy for achieving a prolonged recovery is to adapt to meet the new challenges that arise; this is a permanent set of actions that must drive our economic focus.
We can see the advantages of a robust labor market, particularly for many in low- and moderate-income communities, and that a robust job market can be sustained while providing a big enough safety net to help those in need.
On to markets.
- The Dow Jones Industrial Average closed at 28,653.87, up 151.6 points, or 0.57%.
- The Standard & Poor’s 500 Index closed at, 3,508.01 up 23.46 points, or 0.67%.
- The NASDAQ Composite Index closed at 11,695.63, up 70.3 points, or 0.60%.
- The Birling Capital Puerto Rico Stock Index closed at 1,557.06, up 9.93 points, or 0.64%.
- The US Treasury 10-year note closed higher, at 0.74%.
- The US Treasury 2-year note closed higher, at 0.14%.