24 August 2020 Comments Off

S&P 500 hits new all-time high as volumes plummet.



Surging tech shares continue to underpin the equities rally. Rebounding economic data and hopes for a coronavirus vaccine are also lifting investor sentiment despite a sharp drop-off in trading volumes.


In economic data, the NAHB housing market index improved to 78 in August from 72 in July. July housing starts surged 22.6% to a seasonally adjusted annual rate of 1.496 million. Building permits jumped 18.8% to a 1.495 million-unit pace. Separately, existing-home sales rose 24.7% in July to a seasonally adjusted annual rate of 5.86 million. Initial jobless claims returned above 1 million for the week ended August 15.


The Final Word:

COVID-19 continues to be a significant threat to the U.S. economy, with more than 5.7 million confirmed infections. Against this backdrop, options spreads continue to offer opportunity.


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