August ended with a strong rebound in Wall Street’s major indices, reversing the early month market selloff as robust economic data dispelled recession fears. The U.S. economy roared at an annualized growth rate of 3% in the second quarter, surpassing earlier estimates of 2.8% and more than doubling the pace recorded in the first quarter. This marked the eighth consecutive quarter of expansion, bolstered by a substantial upward revision in consumer spending. The health of household finances was further underscored by stronger-than-expected acceleration in personal spending and income in July. …
