We hope everyone had a wonderful weekend and welcome to another Monday! Today is June 8 and the market is up again as reopening continues to boost stocks. We also see that many restaurants and hotels are seeing an uptick in business after the country starts reopening and home buying has increased as well due to pent-up demand. Mortgage rates have also spiked after the shocking jobs report last week, although it appears the real unemployment rate may be higher than what was reported. In addition, we are reading what you should do if you haven’t received a stimulus check yet and are expecting one.
Stocks jumped on Monday, building on the previous week’s sharp gains on optimism over the economy reopening. Stocks tied to the reopening of the economy led the gains once again.
- Composite climbed 3.4% and closed at record levels for the first time since Feb. 19.
As states gradually reopen, the U.S. economy is showing signs of life after one of the most significant do wnturns in history. Multiple states have allowed restaurants to resume indoor dining so there has been an increase in bookings, although still 80% below their levels from last year. Hotels have begun welcoming more guests as their occupancy rates near 40%. Recent boosts in mortgage applications for purchasing single-family homes could be attributed to pent-up demand. Applications are up nearly 20% when compared to last year.
The average mortgage shopper may see rates on the 30-year fixed as much as a quarter point higher. For those with top-tier credit and financials, they may only see an eighth of a point increase, but for those with lower scores and down payments, the jump could be as much as 0.375%.
The unemployment rate in the U.S. improved last month as millions of people returned to the workforce But the official 13.3% unemployment rate, while still high relative to any point since the Great Depression in the early 20th century, likely understates the economic damage wrought by the coronavirus pandemic.
35 million stimulus checks are still outstanding. What you need to know if you’re waiting for your money
The U.S. government has sent 159 million stimulus checks to Americans. But there are still an estimated 30 million to 35 million payments yet to be issued, according to new data on the progress of the payments from the House Ways and Means Committee.