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Traders were generally happy this week, as several tailwinds continued to push the markets higher. Ongoing issues about the stimulus package, trade and the pandemic were put to bed – or at least moved toward positive outcomes. Last week, Democrats held several key votes to move forward with the stimulus package. This week, more debate and discussion abounded as the Biden administration moved to fast track some sort of plan. This included other progressive and tangential programs designed to keep the economy growing.
Elsewhere, the Biden administration continued to up the number of vaccines purchased and unveiled its plan to reopen the country.
Earnings were also strong this week, as several bellwethers reported better numbers. Key to those reports were improved guidance figures. Data was generally seen as positive as well. However, stubbornly high unemployment figures and several gauges of manufacturing health tended to slow down the markets.
All in all, the markets moved to new records this week with a few setbacks and mixed days.