Moore says private US companies are resilient amid the pandemic

Conservative Economist Stephen Moore said that Wall Street’s rise amid the pandemic signifies that global investors are bullish about U.S. companies, adding that private enterprise has been resilient. 

“It’s amazing the resilience of the private enterprise in this country,” Moore, a staunch Trump ally, said on John Catsimatidis’s radio show on WABC 770 AM Sunday.

Moore’s comments come as the S&P 500, an index that tracks the country’s largest publicly traded companies, has all but erased its pandemic losses and closed within a fraction of a percentage point of its all-time high on Thursday. 

“The market has just roared back,” Moore said. “That signifies that investors around the world are bullish on US companies, especially the technology companies. But even some of the major retailers.” 

“I was looking at some of the top performers this year … like Walmart, like Home Depot that did very well. It’s amazing the resilience of the private enterprise in this country.”

Several heavy hitters in the tech industry like Amazon and Facebook raked in billions of dollars of profits during the early part of the pandemic, as Americans, forced inside to mitigate the spread of coronavirus, looked to online services for entertainment and to purchase various items. 

Though private companies are experiencing a boom, unemployment stands at 10.2 percent as thousands of small businesses remain closed.

Meanwhile, negotiations on Capitol Hill on a fifth coronavirus relief package have remained stalled and both chambers of Congress have left Washington, D.C., on August recess further prolonging the prospect of a deal. 

John Catsimatidis is an investor in the Hill