With the US Nasdaq technology index having fallen 28% from its high on January 4th, it and other equity indices rebounded from their downward spiral during the penultimate week of May on the expectation, rather than the hope, that inflation is peaking, and that the Federal Reserve is on top it. The belief is that the US consumer has sufficient capital put aside from either government support, and/or simply from not being able to travel and spend during the pandemic, that they are now in a position to spend and consequentially generate good earnings and healthy profitability for businesses.
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