Target, Lowe’s, Nvidia and Joe Biden – 5 Things You Must Know

Here are five things you must know for Wednesday, Aug. 19:

1. — Stock Futures Edge Higher After S&P 500 Sets Record

Stock futures were rising modestly Wednesday, a day after the S&P 500 clawed back the last of its coronavirus pandemic losses to close at a record high.

The broad stock market index gained 0.23% on Tuesday to close at 3,389, breaking its pre-pandemic record set on Feb. 19. The Nasdaq also set an all-time closing high.

The S&P 500 has rallied 51.5% since March as aid from the Federal Reserve and economic stimulus from Congress fueled the remarkable rebound.

“Even the most optimistic people in March were unlikely to have expected the market to recoup all of its losses in less than five months, however, the massive amounts of liquidity that the Federal Reserve has injected into the system is as big reason for the stunning recovery that we have just witnessed,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance in Charlotte.

Zaccarelli said the stock market still faces “numerous headwinds” such as a potential second wave of coronavirus infections but “what is rarely talked about are all of the factors which could drive the market higher, such as: another government stimulus package, trillions of dollars in infrastructure spending in 2021 and beyond, low interest rates for an extended period of time and continued Federal Reserve quantitative easing.

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