The S&P 500 rose 4 percent last week.
The gain in stocks was partly attributed to the better than expected US employment report on Thursday, which showed that the economy added 4.8 million jobs in June and the unemployment rate fell to 11.1 percent from 13.3 percent in May.
However, with the COVID-19 pandemic still raging in the US, it may be difficult for the US economy to maintain the improvement.
“The end of the lockdowns has allowed for a faster than expected recovery in jobs in the past two months, but more recent events and data suggest much tougher slogging ahead,” said Sal Guatieri, senior economist at BMO Capital Markets.
“The data was collected through the middle of June,” Crossmark Global Investments’ chief market strategist Victoria Fernandez told CNBC last week. “It was really the second half of June when we saw states like where I am here in Texas start to reverse their opening up plans. That did not get captured in this number completely.”
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