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Fresh off its second-best first half of the year in more than two decades, the S&P 500 added to record highs Thursday morning as jobless claims fell to their lowest level during the pandemic, sparking renewed bullishness in the labor market after a slew of disappointing employment reports.
As the third quarter begins, Mace McCain, the chief investment officer of Frost Investment Advisors, expects an increasing number of industries will bounce back from the "very deep downturn precipitated by the pandemic." McCain says the travel, leisure and entertainment industries will follow the lead of retail sales, which have already risen above pre-pandemic levels.
“In tandem with the broader reopening, employment numbers are going up, and although the numbers have been disappointing to many on Wall Street, there has been a surge in employment in the restaurant industry—something we expect to see in other areas as demand increases," says McCain, who adds: "Equities appear to be the clear winner in the current environment."
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