The easing of lockdowns is providing hope the global economy will bounce back quickly from an expected recession in 2020.
Data on Monday showing the massive US services sector grew in June after the coronavirus pandemic caused its steepest-ever contraction in the prior month, supported the post-holiday rally on Wall Street.
Tech stocks were among the big winners, with the Nasdaq hitting its third straight record close and Amazon shares finishing above $3,000 for the first time. Traders have piled back into stocks in recent months – with the help of vast government and central bank support – and analysts have suggested the gains are also being helped by a fear of missing out on the rally."The global economic data and positive coverage on potential COVID-19 vaccines and treatments represent a...whirligig of positive news that is overwhelming gnarly headline flows around the daily virus case counts in the US," said AxiCorp's Stephen Innes.
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