Ongoing stimulus talks ended in disappointment on Friday.
The stock market was mixed on Friday, paring back earlier losses to finish positive despite a stronger-than-expected July jobs report being offset by rising U. S.-China tensions and “disappointing” coronavirus stimulus talks. “Much of the rally that we’ve seen so far has been fueled by Federal government stimulus and Federal Reserve liquidity, but for it to continue, the economy needs to continue to heal and the data this morning is adding credence to the idea that things are continuing to improve,” says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. So far,441 companies in the S&P 500 have reported second quarter earnings with more than 82% beating Wall Street expectations—the highest rate on record dating back to 1994, according to Refinitiv data.
