U.S. economy returns to pre-pandemic level
Data from the United States on Thursday showed that the economy had recovered to pre-pandemic levels in recent months.
According to the report from The Commerce Department, the U.S. economy grew by 8.5% in Q2, which is the second fastest pace of growth in nearly 40 years.
Many attribute the growth to the historic government stimulus package earlier in the year, where many Americans received cheques of $1,400 in aid.
This also comes as vaccinations against COVID-19 rapidly rose, with many major states now having close to over 70% of their population fully vaccinated.
As of writing, the S&P 500 was up 0.54%, recording a new high in the process.
Robinhood set for IPO
Stock brokerage firm Robinhood was set for an Initial Public Offering on Thursday, in one of the most anticipated IPOs in recent years.
Robinhood rose to prominence last year, as many retail investors entered the stock market for the first time, due to commission free trading offered by the company.
It has been reported that Robinhood will price the offering at $38 per share, at a valuation of around $32 billion.
According to reports, the company has roughly 22.5 million users and more than $100 billion in client capital.
Many now wait to see how the company would fare in the publicly traded markets.
FTSE 100 rebounds on oil gains
After falling below 7,000 points earlier in the week, London’s FTSE 100 rebounded back above this level in today’s session.
The rally came as shares in FTSE listed Royal Dutch Shell climbed as oil prices continued to rebound after last week’s sell off.
Prices of WTI crude climbed to an intraday high of $73.67, which is the highest price per barrel in the last 2-weeks.
The rise comes as U.S. oil inventories fell last week, and as data continues to show growth in the global economy, boosting hopes for further demand in energies.
Many now believe that prices could be heading for the long term resistance of $75 per barrel.
Quote of the day – “It’s not what we do once in a while that shapes our lives. It’s what we do consistently.”– Tony Robbins