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Afternoon Note

Big Optimism

By Charles Payne, CEO & Principal Analyst
8/28/2020 2:28 PM

The major indices are higher today and wrapping up to another strong week, with the Dow trying to erase its losses of 2020. Walmart (WMT) and Intel (INTC) led the way for the Dow. For the week, the Dow is currently up 2.3%.

On the S&P 500, 8 of the 11 sectors are in the green with Energy outperforming, while the defense lagging.

S&P 500 Index

+0.18%

 

Communication Services (XLC)

 

-0.09%

Consumer Discretionary (XLY)

+0.41%

 

Consumer Staples (XLP)

+0.41%

 

Energy (XLE)

+1.35%

 

Financials (XLF)

+0.44%

 

Health Care (XLV)

 

-0.27%

Industrials (XLI)

+0.51%

 

Materials (XLB)

+0.90%

 

Real Estate (XLRE)

 

-0.03%

Technology (XLK)

+0.57%

 

Utilities (XLU)

+0.03%

 

 

The big momentum came with solid economic data, which informs on the state of the American consumer, and it is overwhelmingly optimistic. Consumer spending posting another solid month and consumer sentiment this morning.

Consumer Sentiment

The final read from the University of Michigan on the U.S. consumer sentiment was up to 74.1 from the preliminary read of 72.8, and up from July’s 72.5.  There were less concerns about the outlook on the economy for the year ahead.


 

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