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A bleak economic outlook from the Federal Reserve and fears of a resurgence in the COVID-19 pandemic in the U. S. weighed on stock prices last week.
The reopening trade was in full swing last week on signs of a rapid economic recovery from mandated shutdowns. The strong May jobs report was the highlight.
The lockdown-relief rally extended into the early part of last week. The rally was, however, partly undone by rising tensions between the U. S. and China.
Stocks rallied on encouraging coronavirus vaccine trial data and rising expectations of a rebound in economic activity. Transportation stocks thrived.
Cautious comments from Dr. Fauci and Mr. Powell dampened the optimism of a quick economic recovery last week. Healthcare stocks fared well in this setting.
The stock market returned to focus on earnings reports during the week ending May 8.
Risk-on trades flourished in the early part of the week. This rally, however, started to unravel by the end.
THE GOOD NEWS JUST BEGINS!