Traders exit the 11 Wall St. door of the New York Stock Exchange (NYSE) in New York City, New York, U.S. [Source: Reuters]
Wall Street’s three major indexes rose on Tuesday as improving economic data and the prospect of more stimulus bolstered hopes of a swift recovery.
This while a jump in technology shares powered the Nasdaq to another record high.
White House economic adviser Lawrence Kudlow said tax rebates and direct mail checks are on the table in the next coronavirus relief bill.
The Nasdaq hit a fifth record high this month with Apple Inc providing the biggest boost. At least three brokerages raised their price targets for Apple’s stock, and UBS raised its iPhone shipment estimates a day after the iPhone maker said it would use its own chips for Mac computers.
Data showed that the pace of contraction in the U.S. manufacturing and services sectors slowed in June as businesses reopened after lockdowns that started in mid-March.
