U.S. stocks performed well last week on optimism over a potential coronavirus vaccine and the reopening of the economy, though rising tensions between the United States and China weighed on the market. All the 50 states have lifted restrictions put in place to combat the coronavirus outbreak. The easing has started to propel demand and is likely to revive economic growth (read: Is Moderna Winning the COVID-19 Vaccine Race? ETFs to Gain).
The latest data for U.S. consumer sentiment shows that the University of Michigan’s consumer sentiment index rose to 73.7 in early May from 71.8 in April as fiscal stimulus measures “improved consumers’ finances and widespread price discounting boosted their buying attitudes.”
Additionally, Federal Reserve Chairman Jerome Powell said the central bank still has plenty of ammunition to rescue the economy from a deep slowdown, indicating a potential recovery in the second half of the year. The Fed would