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The week started with solid gains, unaffected by continued concerns about the pace of economic growth in light of the recent surge in coronavirus infections and uncertainty over the future of the Federal Reserve's stimulus.

Market participants were actively buying up the fallen shares. The market was also supported by the announcement that the Food and Drug Administration (FDA) issued full approval for a COVID-19 vaccine developed by Pfizer (PFE) / BioNTech (BNTX). This is the first full regulatory approval for a COVID-19 vaccine (Pfizer / BioNTech received FDA approval for emergency use late last year). In addition, the July data on US existing home sales exceeded investor expectations. The report from the National Association of Realtors showed that sales of existing homes in July rose 2.0% to a seasonally adjusted annual rate of 5.99 million units, compared with an upwardly revised rate of 5.87 million units in June.

The growth continued on Tuesday, but its pace slowed down. Market participants continued to play back the news of the full approval of the Pfizer (PFE) / BioNTech (BNTX) vaccine. Investors' hopes for a faster vaccination rate and a quick economic recovery have boosted the stock and oil markets. In addition, the Institute for Health Metrics and Evaluation (IHME) predictive model suggested that a peak in the incidence of coronavirus in the United States could already be reached. Market participants also drew attention to a report from the US Department of Commerce, which showed that US new home sales rose in July for the first time in four months, thanks in part to additional stocks and an indication of still robust underlying demand. According to the report, new single-family home purchases rose 1.0% to 708,000 year on year after an upwardly revised 701,000 in June. Experts expected the figure to be 700,000.

The next day the growth continued, but its pace was restrained by investor caution ahead of the key event of the week - the annual Federal Reserve Symposium in Jackson Hole. The theme of the symposium is "Macroeconomic Policy in an Uneven Economy". Earlier this month, several Fed policymakers expressed the view that it would be advisable for the US central bank to begin cutting back on asset purchases as early as the fourth quarter, but several others stressed that more evidence of recovery is needed before the process can begin, especially on labor market. Market participants also studied July data on durable goods orders in the US and several quarterly reports from the corporate segment.

On Thursday trading ended in negative territory. Market sentiment was also undermined by reports of an explosion near the Kabul airport in Afghanistan. Investors analyzed July data on US GDP and claims for unemployment benefits and several quarterly reports of the corporate segment. Commerce Department report showed that the US economy grew slightly faster than originally estimated in the second quarter. According to the ministry's second estimate, US GDP increased 6.6% year-on-year between April and June. This was up from the 6.5% growth rate reported in July. Economists expected second-quarter GDP growth to rise to 6.7%. The economy grew 6.3% in the first quarter and recouped the huge losses incurred during the two-month COVID-19 recession. The data released by the Department of Labor showed that in the week ending August 21, US initial jobless claims rose to 353,000, up 4,000 from the previous week's revised 349,000. Economists expected that the number of applications for unemployment benefits will rise to 350,000 from 348,000 originally announced the previous week.

The week ended with a noticeable increase. The market reacted to statements by Fed Chairman Jerome Powell, which signaled that the US central bank was in no hurry to wind down stimulus. Powell’s speech suggests that the emergence of the delta strain of coronavirus poses additional risks and this may delay the start of phasing out emergency support programs this year. In addition, the chairman of the US central bank signaled that the Fed is in no hurry to raise interest rates.

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