The stock market is in full swing and what is even more remarkable is the strong recovery after the chaos of August 5. Former White House Communications Director Anthony Scaramucci commented on the market’s strong rally on Thursday and discussed possible reasons for it.
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What happened: The Nasdaq Composite and S&P 500 index closed higher for a sixth straight session on Thursday, as gains, slowing inflation and evidence that the economy was averting a hard landing sent traders diving deeper into stocks. The Aug. 5 market crash was triggered by fears about growth and the unwinding of yen carry trades, and the overnight selloff dragged the major indexes down more than 2.5% each.
Since the crash, all three averages have made significant gains. The Nasdaq Composite, S&P 500 and Dow Industrials are up 8.6%, 6.9% and 4.8%, respectively, from Aug. 5.
See also: During market downturns, investors find that these high-yield real estate bonds, yielding 7.5% to 9%, are protected, unlike stocks, by resilient assets that serve as a buffer against losses.
The numbers rose on Thursday thanks to a drop in weekly jobless claims, a smaller-than-expected contraction in manufacturing activity in New York and Philadelphia and strong retail sales.
The S&P 500 index, a benchmark for broader market performance, is now at a three-week high.
Harris connection? Scaramucci said the market’s recovery toward record highs could be tied to Democratic presidential candidate Kamal Harris’s rising poll numbers. The compilation of national poll results from polling website FiveThirtyEight shows Harris now leading the Republican candidate Donald Trump with 46.3%-43.5%.
Trending: Elon Musk and Jeff Bezos are optimistic about a city that could dethrone New York and become the new financial capital of the US. Investing in the booming real estate market has never been easier.
“Investors are relieved that America no longer has to live under an unstable wannabe autocrat,” said the entrepreneur and founder of SkyBridge Capital.
In a separate message, Scarmucci said: “Trump is coming to a psychological halt from losing this election. He is becoming increasingly darker. It’s going to be a tough 81 days.”
Harris has not yet unveiled her economic agenda or made public the potential policies she is likely to pursue if she wins the White House. The vice president is scheduled to deliver a major economic speech in North Carolina on Friday.
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This article Anthony Scaramucci Says Kamala Harris’ Polls Are Pushing Market Higher, Predicts ‘Tough 81 Days’ for Trump originally appeared on Benzinga.com
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