After last week’s shortened trading session, investors were eager this week to keep moving the markets higher. Stocks hit several record highs throughout the course of the week as various tailwinds continued to push the markets higher.
On the political front, President Biden continued to push his Build Back Better campaign with speeches highlighting his massive infrastructure plan. The $2.3 trillion boost to America’s aging bridges, roads, and other economic sensitive assets was widely lauded by traders, as was the Fed’s decision to keep monetary policy flowing for the time being.
This was all met with positive economic data. Measures covering manufacturing, consumer spending, and labor health all pointed to a bullish and robust economic environment. As states have opened up and vaccines are being distributed, the overall economic picture has turned rosy. The number of coronavirus cases continued to fall this week as well.
Corporate actions were also swift this week. While earnings season has drifted lower, firms that did report painted a bullish picture. Several recent IPOs also hit the market. Investors continued to be pleased with the overall corporate picture and future guidance from shares.
In the end, traders managed to send stocks higher throughout much of the week.
Be sure to check out our previous Wrap here, when stocks posted mixed results during the shortened week.
