The US stock market soared to a new high following a tech rally revival, as investors eye the latest $1.9 trillion stimulus bill soon to be unleashed into the economy.
The S&P 500 was the subject of a record rally as investors piled into tech and consumer discretionary stocks, while the Nasdaq 100 index soared by more than 2.5% following a dip that put it 11% below its February record. In the meantime, the 10-year Treasury was spared a yield increase following the 30-year note auction, as inflation fears were put to rest for the time being following the better-than expected CPI print.
The latest round of stimulus spending has been the subject of concerns regarding a potential spurt in inflation, especially since the US economy was already poised for a better-than expected recovery even in the absence of further fiscal intervention. However, with the latest CPI figure sitting at 0.4% for the month of February, and a bleaker-than-expected jobless claims report, investors’ behaviour continues to be in line with the idea that slack still persists within the US economy.
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