S&P 500 rises as COVID-19 cases fall

The S&P 500 rose 0.2 percent on Monday, its first rise in six days.

US stocks rose as COVID-19 case counts in the country showed signs of easing.

Based on data compiled by Johns Hopkins University, the seven-day average of daily COVID-19 cases was 144,300 on 12 September. That is down 12 percent over the past week and 14 percent from the most-recent peak in case counts on 1 September.

Dr Arturo Casadevall, chair of molecular microbiology and immunology at the Johns Hopkins Bloomberg School of Public Health, said that this could mean that “we have reached a peak and we are now on the way down”.

That is encouraging to investment analysts.

“We retain a pro-risk allocation on strong global growth as the world continues to recover from the pandemic, accommodative policy, and continuing earnings surprises,” JPMorgan’s Marko Kolanovic said in a note Monday.

Still, inflation remains a concern.

“Supply bottlenecks, inventory shortages, higher commodity prices, and higher shipping rates have all contributed to higher input costs,” said Charlie Ripley, senior investment strategist for Allianz Investment Management.