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It was a busy week full of important economic readings, corporate news and earnings releases.
In the U.S., inflation numbers released Tuesday showed the Consumer Price Index jumping sharply from 1.7 per cent YoY in February to 2.6 per cent YoY in March. Price pressures have been front and centre as a rise in inflation maybe a troubling side effect of an expected surge in economic growth. Even with the yoy increase, many observers – including the Fed – believe a long-lasting rise in inflation remains theoretical and any spikes transitory as stimulus measures wane in the coming months.
Retail sales similarly surged in March, up 9.8 per cent, on the backs of stimulus money, vaccinations and business re-openings. There was also good news on the jobs front as fewer people applied for first-time unemployment benefits in the week ended April 10, a decrease from the prior week. Also in the U.S., Q1 earnings season got underway this week with many of America’s blue-chip companies al
U.S. Markets Hit Record Highs on Stimulus Hopes
Technology stocks climbed Monday, extending a 2020 rally that’s fueled much of the market’s gains since March. The Nasdaq was up 62 points, while the Dow lost 185 and the S&P dropped 16. As of Monday, the Nasdaq was up nearly 40 per cent for the year, while the S&P and Dow had added 13 per cent and 4.6 per cent, respectively.
While markets climbed early on growing hopes for a new U.S. stimulus deal, optimism faded later in the session as investors weighed the potential for further lockdowns in the U.S. In Canada, the TSX lost 161 points, weighed down by the energy, financials and materials sectors.