The S&P 500 on Tuesday was poised to close out its best quarter in more than two decades as improving economic data bolstered investor beliefs that a stimulus-backed rebound for the U.S. economy was on the horizon.
While coronavirus cases continue to surge in many states, the U.S. economy is showing signs of pickup, with data indicating consumer confidence increased much more than expected in June.
But it is still down about 5% on the year, and gains in June stood under 1% due to the flare-up in virus cases that has threatened to delay reopenings and derail a tentative economic recovery. Federal Reserve Chairman Jerome Powell reiterated in comments on Tuesday that the path of the economy is “highly uncertain.”
Micron Technology Inc jumped 3.9% as it forecast higher-than-expected current-quarter revenue on strong demand for its chips that power notebooks and data centers.
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