Stock Market Hitting Record Highs
All three major indices are flirting with all-time highs
The market is having itself a week. After the recent sell-off in tech, money is flowing back in, to tech and the market as a whole.
All three major indices were up today. And all three are up big for the week so far.
New Highs
About a month ago, Feb. 12th, the S&P closed at a record high. It then slid down for the next few weeks. Today, March 11th, it finally closed above its previous high.
Both the S&P and Dow Jones hit intraday highs today and closed at record highs as well. The NASDAQ is still below previous highs from February.
Part of the steam behind this rally is the news regarding a stimulus package. Both the Senate and House approved a $1.9 trillion stimulus package, the third in less than a year. President Biden signed the bill into law this afternoon, as expected.
Economic data released today also helped the rally. Weekly jobless claims rose less than expected last week, totaling 712,000, below the estimate of 725,000.
During the small correction with tech last month, two of the biggest names being hit were Tesla and ARK. Both have had great returns the past year, with some of Cathie Wood’s actively…
