On Wall Street on Monday, the stock index reached a new record level as a series of encouraging macroeconomic indicators boosted people’s optimism about the recovery of the US economy from the coronal crisis.
The Dow Jones index rose 373 points, or 1.13%, to 33,527 points, while the S&P 500 index rose 1.44% to 4,077 points, and the Nasdaq index rose 1.67% to 13,705 points.
The new top Dow Jones and Standard & Poor’s 500 indexes in history are attributed to expectations that huge fiscal and monetary stimulus measures will accelerate the recovery of the world’s largest economy from the coronal crisis.
These expectations are supported by good macroeconomic indicators. As a result, it was announced last Friday that the number of US employees increased by 916,000 in March, almost twice the number of a month ago, and greatly exceeded analyst expectations.
However, it was announced yesterday that activity in the US service industry jumped to a record level in March, indicating that the industry’s recovery has accelerated.
With the acceleration of the covid-19 vaccination process in the United States, investors hope that social and economic life will gradually normalize, and the US$2 trillion infrastructure investment plan recently announced by President Joe Biden may further accelerate economic growth.
In recent weeks, the cyclical industries that are most sensitive to economic development have seen their stock prices rise the most, as the economic “opening up” is expected to accelerate the recovery of these industries.
However, stock prices in the technology industry have also been growing strongly in recent days. After experiencing strong growth last year, this year has fallen behind growth.
As a result, the Nasdaq index, which is full of technology stocks, is only about 3% from the record level in February.
Due to the holiday, there was no job at the European Stock Exchange yesterday.