The S&P 500 gained slightly to hit a record high on Wednesday as minutes from the Federal Reserve's last meeting showed the central bank's commitment to accommodative policy in order to support a full economic recovery.
| WED, APR 07, 2021 | | | DOW | NAME | LAST | CHG | %CHG | AAPL | 127.90 | +1.69 | +1.34% | MSFT | 249.90 | +2.04 | +0.82% | INTC | 66.25 | +0.69 | +1.05% | |
| S&P 500 | NAME | LAST | CHG | %CHG | VIAC | 43.89 | -0.46 | -1.04% | AAPL | 127.90 | +1.69 | +1.34% | CCL | 29.00 | +0.40 | +1.40% | | | NASDAQ | NAME | LAST | CHG | %CHG | AAPL | 127.90 | +1.69 | +1.34% | AMD | 82.20 | +0.76 | +0.93% | TSLA | 670.97 | -20.65 | -2.99% | | | | Stocks were mostly little changed on Wednesday, but the S&P 500 did manage to eke out another record close. A confluence of easy monetary policy signals from the Federal Reserve, retreating bonds yields and bullish comments from JPMorgan chief Jamie Dimon gave investors confidence about a strong economic recovery from the Covid pandemic. The Federal Reserve's March meeting minutes demonstrated the central bank is likely to stick with its easy policies as the economy recovers. The meeting summary indicated that while officials saw the economy gaining substantially, they see much more progress needed before ultra-easy policy changes. Bond yields took a breather, with the 10-year Treasury yield dipping to 1.65%, its lowest level since March 26. Plus, Dimon said in his closely read annual letter that he sees strong growth for the world's biggest economy. "I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom," the JPMorgan CEO said. "This boom could easily run into 2023 because all the spending could extend well into 2023." Evercore ISI's head of economic research, Ed Hyman, on Wednesday called strong economic data a "U.S. liftoff," citing stats from trucking to job openings. "The combination of fiscal stimulus and vaccinations/reopenings is at work," Hyman said. |
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