AssetID: 52873532
Headline: UNCAPTIONED: Markets Remain Resilient Despite Economic Uncertainty
Caption: Markets Remain Resilient Despite Economic Uncertainty . Business Insider reports that the United States stock market continues to inch higher, with the S&P 500 gaining approximately 6.5% this quarter. For the month of June, the market is already up 4.7%. Despite concerns over a potential recession, estimates for first quarter GDP came in higher than expected. The S&P is on track to see its third quarter of gains in a row. Meanwhile, jobless claims reached their lowest numbers in May, dropping to 239,000, well below the 270,000 forecast by economists. Business Insider reports that the news comes as a sign that the U.S. economy has remained resilient despite fears of a looming economic slowdown. While speaking on June 28, Jerome Powell affirmed the Federal Reserve's stance on tightening policy while inflation remains above the Fed's target. Powell went on to hint at the possibility of continued rate hikes at upcoming Federal Reserve meetings. U.S. lenders managed to pass the Fed's annual stress test, causing bank stocks to climb. Bank of America, JPMorgan and Wells Fargo all saw their stocks rise by about 3%. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
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