Don and Galen Criqui

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Don and Galen Criqui

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The round trip has been completed. The fastest stock market collapse on record has been followed by one of the fastest recoveries ever, powered by unprecedented amounts of stimulus injected into financial markets and the economy, from both the Federal Reserve and Congress. The S&P 500 closed in the green yesterday, the day record-keepers declared the U.S. is in recession, and made whole anyone who has held stocks all year. Only one goal is left for the main benchmark for American equities: its record high from before the pandemic hit. (Bloomberg)
 
Shares of Chesapeake Energy tumbled 42% in extended trading on Monday following reports that the natural-gas producer was preparing to file for bankruptcy. The owner of Men's Wearhouse and Jos. A. Bank, Tailored Brands, also fell nearly 5% on similar reports. On the flip side, Macy's soared 13% AH upon securing $4.5B in new financing, while Hertz erased all the losses suffered since the car rental company declared bankruptcy on May 22, which is quite a perplexing rally as equity holders are likely to be wiped out during bankruptcy proceedings. (SA)
 
The peak in monthly economic activity in the U.S. occurred in February, according to the National Bureau of Economic Research - the group that gets the honor of anointing expansions and recessions. The expected duration of the downturn is a matter of debate and is likely to influence opinions on the need for additional economic relief. Congress has already provided $3.3T in emergency spending and tax breaks, prompting worries about a ballooning budget deficit. (CNBC)
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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