EDITOR'S NOTE
Bathroom tissue wasn't the only paper Americans have hoarded in the coronavirus pandemic.
As consumers cut spending they stockpiled cash, and the personal savings rate hit a record high of 33% in April, the U.S. Bureau of Economic Analysis reported Friday. This is the highest level since the department started tracking it in the 1960s, CNBC's Maggie Fitzgerald reports.
"As long as the money is put in savings instead of being invested … it tends to curb growth and to weaken the potential of the economy," Gregory Daco, chief U.S. economist at Oxford Economics, said.  Stocks were down for most of the day Friday, but they erased their losses and ended with gains after President Donald Trump announced steps his administration was taking against China. He cited a litany of grievances from spreading the coronavirus to threatening Hong Kong's autonomy. Investors were relieved the president did not mention tariffs or his "phase one" trade agreement with Beijing.
The S&P 500 and the Dow end May with 4% gains.
Mark Mobius of Mobius Capital Partners said he did not think rising tensions with China would be a drag on the market.
"A lot of this business with Hong Kong has been discounted," he said on CNBC's "Closing Bell." "As you know, we've been through riots in Hong for the last year. So I think we're now in a bull market again."
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Jumat, 29 Mei 2020
Stocks gain 4% in May | A record savings rate | Trump cuts WHO ties
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