Here are today’s market moves:
S&P 500 up 0.74% to 3,915.59
Dow Jones up 0.76% to 31,385.76
Nasdaq up 0.95% to 13,987.64
Gold: $1,829
Bitcoin: $44,183
US10Y: 1.172%
What Happened?
Stock indexes hit new all time highs today as investors look at declining coronavirus hospitalizations and rising prospects for a strong federal spending package.
President Joe Biden is calling for a massive $1.9 trillion economic package. Some have raised questions about the size of the package and possible risks such as faster inflation.
Janet Yellen, the Treasury Secretary, said that passing the stimulus package could allow the economy to reach full employment by next year, but not doing enough could hurt workers and the economy for years.
Corporate earnings are coming in better than predicted, prompting analysts to upgrade their forecasts. The combination of solid fourth quarter earnings reports and the possibility of more relief for the economy has given markets a major boost.
According to FactSet, of the 295 companies in the S&P 500 that have reported Q4 earnings so far, 81% have beaten earnings growth estimates.
Bitcoin jumped to a record high after Tesla bought $1.5 billion of the cryptocurrency.
The second impeachment trial of former President Donald Trump begins on Tuesday.
What Else?
This Week
Monday: Earnings expected from Chegg and Hasbro.
Tuesday: Earnings expected from Cisco, Canopy Growth, DuPont, Lyft, and Twitter.
Wednesday: Earnings expected from Coca-Cola, GM, Uber, Under Armour, and Zynga; Federal Reserve Chair Jerome Powell to speak on a webinar; The U.S. consumer price index released.
Thursday: Weekly jobless claims; Earnings expected from AstraZeneca, Cloudflare, Datadog, Disney, Kellog’s, Kraft Heinz, and PepsiCo.
Friday: Earnings expected from Dominion Energy.