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US stocks closed higher on Wednesday amid solid growth in corporate earnings, which offset the concerns over another coronavirus outbreaks around the world. In fact, the S&P 500 rose 0.7%, thanks to increased investments on companies that would benefit the most from the re-opening of the economy. The rally was also the largest one observed in two months.
According to reports, Verizon and Coca-Cola grew much better than expected despite concerns over whether recent COVID-19 outbreaks will affect the travel sector. Clearly, investors are flocking on companies with huge earnings in the second quarter, most of which were listed under the S&P 500.
Considering this, analysts at JPMorgan and UBS Global said investors should buy cyclical stocks, since economic recovery is just beginning.
Other important events for this week are:
- policy decisions of the European Central Bank (Thursday);
- policy decisions of the Bank of Indonesia (Thursday);
- data on US home sales (Thursday);
- Summer Olympic Games in Tokyo (Friday).
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