US stocks reached record highs after a slow start with the Dow Jones and S&P 500 hitting all-time highs as investors await the latest meeting of the US Federal Reserve.The Dow Jones index is up 0.5pc to 32,953, the S&P 500 is up 0.6 per cent to 3,969, and the Nasdaq is up 1pc to 13,460However, rising borrowing costs continued to weigh on sentiment.
The major stock indexes on Friday logged their best week in six weeks after approval of a $US1.9 trillion aid bill and mass vaccinations accelerated demand for stocks expected to outperform as the economy reopens, such as banks, energy,"With the vaccine positive news and the stimulus, we think there will continue to be a fair amount of rotation out of the stay-at-home stocks," said Greg Bassuk, chief executive of AXS Investments.
At the close, the Dow Jones Industrial Average increased 0.5 per cent to 32,953, the S&P 500 rose 0.6 per cent to 3,969, and the Nasdaq Composite put on 1 per cent to 13,460 Eli Lilly and Co shares slumped 9.1 per cent after a mid-stage trial testing its experimental Alzheimer's drug led to "mixed" results, reducing the chances for the drug's accelerated approval, according to analysts.Federal Reserve policymakers are expected this week to forecast that the US economy will grow in 2021 at the fastest rate in decades, with unemployment falling and inflation rising, as the COVID-19 vaccination campaign gathers pace and a $US1.
Where was the far left ABC missing in action, only shamed into reporting on Nicole Flint's despicable sexist hounding by the ALP, it's proxy Getup, and it's other proxy the far left ABC. Shame on the ABC for initiating a coordinated political campaign. Watch your budget.
The full recovery of tourism , entertainment, leisure and food catering is yet to be factored in. Those employed are stashed up with cash during restricted travel ,with insatiable appetite ,are ready to splurge.