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Market Presses Against Resistance As EU Approves Massive Pandemic Bailout Fund

Market Presses Against Resistance As EU Approves Massive Pandemic Bailout Account

Today European Union leaders agreed on a 750B EUR Chinese coronavirus relief fund to help The Continent recover from the pandemic and associated lockdowns.

Markets are bouncing up against resistance levels on their way to 3,300 for the S&P on the news. It remains to be seen if equities can push above that level.

Economic indicators showed Fed economic activity at slightly higher levels than expected.

Heads of state of the 27 EU member states met in Brussels to discuss the revamped EUR 1074bn multi-annual financial framework (MFF) and the EUR 750bn ‘Next Generation EU’ stimulus package. The revamped MFF and the recovery package, [is] aimed at mitigating the economic damage of the COVID-19 crisis, wrote Zero Hedge.

Zero Hedge has a good overview of the negotiation process and outcome here.

Chicago Fed National Activity Index (Jun) printed at 4.11 vs 3.24 consensus estimate.

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