Here are today’s market moves:
S&P 500 up 1.04% to 3,939.34
Dow Jones up 0.58% to 32,485.59
Nasdaq up 2.52% to 13,398.67
Gold: $1,723
Bitcoin: $57,802
US10Y: 1.542%
What Happened?
The S&P 500 climbed to a record high on Thursday as President Biden signed the $1.9 trillion stimulus bill and employment data showed that weekly jobless claims rose less than expected.
On Thursday, the Labor Department said that first-time filings for unemployment benefits totaled 712,000 for the week ended March 6, below the 725,000 estimate.
President Joe Biden signed the $1.9 trillion relief package into law today. $1,400 stimulus checks are expected to be deposited into bank accounts as soon as this weekend.
According to analysts, $150 billion, or 37% of the stimulus payments, could flow into stocks.
The relief package is expected to greatly speed up the rate of economic growth later in 2021. In addition to the $1,400 stimulus checks, the bill includes:
$350 billion in relief to state and local governments.
Extension of $300-per-week federal jobless aid.
Expansion of the child tax credit for one year.
What Else?
This Week
Monday: Earnings expected from H&R Block.
Tuesday: Earnings expected from Stitch Fix and Dick's Sporting Goods.
Wednesday: Earnings expected from Asana, Bumble, and Campbell Soup; Roblox goes public; U.S. February consumer price index data released.
Thursday: Earnings expected from DocuSign, GoodRx, Oracle, Poshmark, and Ulta; Weekly jobless claims; The European Central Bank holds its monetary policy meeting.
Friday: One year anniversary since the March 2020 Covid-19 lockdowns began.