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Traders were in a generally good mood this week, sending the major indices higher throughout many of the trading sessions. The reason?
The blitzkrieg of corporate earnings is on. This week, more than a third of the firms in the S&P 500 reported their quarterly numbers. And so far, the results have been relatively positive. With the first quarter of the year in the books, traders are beginning to see the end of the pandemic in various firms’ profits. More importantly, guidance figures this week have been good as well, giving credence to the idea that the U.S. economy is finally pulling out of its doldrums.
Also helping was continued bullish economic data. Metrics from consumer and labor health to manufacturing and factory orders all surged higher last month. Better still was overall economic growth, with the latest GDP figures rebounding sharply from the depths of the pandemic.
Traders were also pleased with government actions during the week. The Fed continued to keep rates low despite climbing inflation figures, while President Biden began to flesh out a massive $1.8 trillion stimulus plan aimed at American families.
The overall bullish mood on the street from stimulus efforts and better-than-expected earnings all helped move the markets higher to meet several new records.
Be sure to check out our previous Wrap here, when President Biden’s tax plans hurt stocks.