Hope all is well. After posting mixed results the previous week, the major U.S. stock indexes recorded solid gains amid a modest comeback for technology stocks that had recently declined. The Dow gained nearly 4% while the S&P 500 and the NASDAQ both added more than 2%. I have broken down this week’s using rides at Coney Island.
The Dow shoots up to a historic high like the Thunderbolt
The index crossed the 32,000 point level for the first time on Wednesday, then pushed its record higher on Thursday as the S&P 500 and Russell 2000 also posted historic highs. It’s been a quick surge to 32,000 for the Dow, which eclipsed 31,000 in early January; in late November, it topped 30,000.
NASDAQ’s Cyclone like roller coaster run continues
The NASDAQ fell into a correction on Monday, as its 2.4% decline that day left the index 10.6% below its record high set on February 12 of this year. However, the technology stock-oriented index rebounded sharply, recording a cumulative gain of 6.3% over the course of Tuesday, Wednesday, and Thursday.
Economy getting off the Wonder Wheel
The economy is trying to come full circle and get back to pre-pandemic levels. Many sectors of the economy are there. To complete the recovery, the most economically vulnerable need to be taken care of. The COVID-19 relief bill hopes to do that. Following its narrow approval in Congress, a $1.9 trillion COVID-19 relief bill was signed into law on Thursday by President Biden. The bill helps fund vaccinations which is critical for a return to profitability for the industries most hard hit by Covid restrictions (travel, dining,entertainment,etc.). The measure will provide a $1,400 check to many Americans, extend a $300 weekly jobless-aid supplement, and expand the child tax credit for one year, with the hope that money gets spent in local economies throughout the country.
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