Happy 4th of July to my American friends.
The U.S. stock market continued to rise in June, albeit at a slower pace than the month before, with the S&P 500 registering a gain of 1.8% and the Russell 2000 registering a gain of 3.4%. The disconnect between Wall Street and Main Street appears to be driven by the actions of the Fed that continues to prop up the market. Ground realities of surging COVID-19 cases across multiple states and the potential of further lockdowns are being overlooked in this momentum driven market.