Home Economy Signs of resurgent US economy send stocks to new peaks

Signs of resurgent US economy send stocks to new peaks

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Wall Street stocks are pushing ever further into uncharted territory as new data and corporate financials show that the economy and corporate America are still rebounding from the depths of the coronavirus crisis.

The S&P 500 has generated returns including dividends of 27 per cent so far this year as the blue-chip index has set record highs on more than 60 trading days, according to Goldman Sachs data.

Last week alone, US markets rallied 2 per cent, the best performance since June. Companies beaten down during the pandemic such as airlines, cruise operators and casinos advanced after Pfizer’s announcement on Friday that its antiviral pill successfully reduced hospitalisation rates stemming from Covid-19 by 90 per cent.

Evidence that the US economy is pulling itself out of the pandemic-induced downturn further bolstered sentiment, with the latest monthly jobs report showing a pick-up in job growth across nearly all sectors after several months…

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