Weekly Market Update

Last Week Recap:


The S&P 500 rallied on Friday to see the markets ending on a mixed week, S&P 500 1.57%, Dow 1.36%, Nasdaq -0.58%, Russell 2000 2.89%. President Biden set a new goal of hitting 200M Covid-19 vaccine doses in his first 100 days of office. More than double his previous goal. Currently averaging over 2.5M does per day nationally, we should be able to hit that larger. He also stated that he is focusing on a huge multi-trillion dollar infrastructure improvement program. It has been a year since the market lows of March 23rd, 2020 and as of Tuesday the S%P 500 has returned 75%.

Upon the completion of the current round of bank stress tests the Federal Reserve Board will end it's current temporary restrictions that limit dividends and share buybacks for most banks. Financial and bank stocks have been one of the best performing assets YTD with the SPDR S&P Bank ETF, KBE, up roughly 20% YTD.

Unemployment claims came in lower than expected at 684k giving further hope that the recovery is gaining hold and new jobs are being created.


The Week Ahead:


Markets look to start the week on a down note. The main economic data this week will be employment data that will be release Wed, Thurs and Friday. The markets are closed Friday in observance of Good Friday.


Sources: SeekingAlpha, J.P. Morgan, StockTwits.

 

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