NEW YORK: The S&P 500 and Nasdaq set record closing highs on Friday as investors bought energy, financial and materials shares and sold big tech stocks in anticipation of new fiscal aid from Washington to help the U.S. economy recover.
"We're under-estimating the lag effect of all the money in the system as more and more vaccinations are delivered and as more of the country reopens" from business shutdowns, he said. The latest data showed U.S. consumer sentiment unexpectedly fell in early February as households were still worried about the economy despite expectations for additional stimulus.
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