Stocks hit new record highs over the week on optimism over the economy driven by the recent passed stimulus bill. The S&P 500 climbed 2.6% and the Dow surged 4.1% for the week. The Dow hit 32,000 for the first time ever, while the NASDAQ dipped into correction territory before rebounding. Abroad, the FTSE All World Ex US rose 2.3% for the week. The yield on the 10-year Treasury yield continued its recent climb ending the week at 1.63%, its highest level since February of last year.
The CPI rose 0.4% in February, in line with expectations.
New unemployment claims fell to 712,000 over the past week near the lowest level since the pandemic began.
At the conclusion of the ECB’s meeting they announced they would increase the pace of eurozone bond purchases given the recent rise in interest rates and left its benchmark interest rate unchanged.
The $1.9 trillion American Rescue Plan was signed into law. The stimulus measure provides checks for individuals, funds for municipalities and additional funding for vaccination efforts.
President Biden announced that every adult in the US would be eligible for the vaccine by May 1st.
Consumer sentiment rose to its highest level since March of last year, topping expectations.