With vaccinations and federal relief, a “euphoric resumption of social activity” will now power the U.S. and California economies despite lingering inequality.The big technology names that rose sharply in 2020 were among the gainers Tuesday. Apple rose 1.6%, Google’s parent company, Alphabet, added 1.4% and Facebook rose 2%. Tech stocks have moved in tandem with the bond market, so as some bond yields ticked lower Tuesday, it moved technology stocks in the opposite direction.
Retail sales fell a seasonally adjusted 3% in February from the month before, the U.S. Commerce Department said Tuesday. February’s drop followed soaring sales in January as people spent $600 stimulus checks sent at the end of last year. In fact, the Commerce Department revised its January number upward to 7.6% from its previously reported rise of 5.3%.
Investors are betting big that this economic malaise will dissipate as spring arrives for most of the country and more Americans get vaccinated. Further, President Biden’s administration started sending out $1,400 stimulus checks to individuals last weekend.Some investors fear the stimulus could translate into inflation down the road, however, which has caused investors to sell bonds. When bond prices fall, their yields rise.
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