The pace of new filings of unemployment benefit applications has slowed in recent weeks, but reflects the tragic situation of more than 40 million people in the United States, specifically in the last 11 weeks, 41,040 million new unemployed.
Bank of America CEO Brian Moynihan has said that “the United States economy is coming out of the hole” and comments: “They are watching us emerge from the depths of where we were in April, and that is good news.”
Shares that would benefit from the reopening of the economy are up Thursday. JPMorgan Chase, Citigroup and Wells Fargo are up slightly.
Today’s movements in addition to strong increases in the main stock indices so far this week.
Analysts say that This week’s recovery is largely due to optimism about the reopening of the US economy..
Gregory Faranello, head of commerce at AmeriVet Securities said, “The biggest stimulus for the economy is a safe reopening.” “In the end, the reopening itself will gradually show improvement, although the true side of demand is still unclear.”
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