Markets Take Jagged Path Over Week To New Highs

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.

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