The S&P 500 closed last Friday at 3,886.83 and rose to close at 3,934.83 this afternoon; a weekly gain of exactly 48 points. That’s about a 1.2% gain but it was a somewhat arduous path to get there. Markets were largely sideways, or down for much of the week. Despite this, my colleague Tom Lee discusses why there is more than meets the eye to the tumultuous market action.

There was definitely some attention distracted from the Street as the second impeachment trial of Donald Trump began. While this was stealing the show in terms of publicity, positive developments in a massive fiscal package that Democrats appear poised to unilaterally pass were occurring behind the scenes. It now seems virtually assured, as my colleague Tom Block will discuss, that Biden’s $1.9 tn Covid-19 relief package will pass in some form by March 14th. This is in addition to the continued aggressive monetary posture of the US Federal Reserve, which should support the move higher we expect markets to take.

If you noticed your semi-names pop it’s because President Biden issued an executive order aimed at identifying and fixing choke-points in the manufacture of semi-conductors. Shortages are causing manufacturing delays in everything from cars to cell-phones. One thing you usually don’t he...

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Macro subscription is required in order to access this content.

*Free trial available only on a monthly plan

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 2 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In

Want to receive Regular Market Updates to your Inbox?

I am your default error :)