Global Market Square
The U.S. stock market began the week with solid gains and with U.S. government bonds finding some balance after a lengthy losing period.
All indices gained some of the lost ground from the prior week, with the Nasdaq Composite gaining more than 1.2%.
White House sources reveal there is a $3 trillion spending plan that will focus on infrastructure, clean energy and education reform. Should this proposal materialize, President Biden is sticking with his presidential campaign promises to improve significant drawbacks affecting the U.S. economy. The key to these proposals is determining how Congress will pay for it and expect to include taxes on wealthy households and U.S. corporations partially.
While we see the need for infrastructure improvements, we do not think that now is the time to raise taxes.
On economic news, the U.S. Home Sales fell to 6.22 million, down from 6.66 million last month or 6.61% less.
Wall Street summary for March 22, 2021:
- The Dow Jones Industrial Average closed at 32,731.20, up 103.23 points, or 0.32%.
- The Standard & Poor’s 500 closed at 3,940.59, up 27.49 points, or 0.70%.
- The Nasdaq Composite Index closed at 13,377.54, up 162.31 points, or 0.76%.
- The Birling Capital Puerto Rico Stock Index closed at 2,496.45, up 10.50 points, or 0.42%.
- The U.S. Treasury 10-year note closed at 1.69%
- The U.S. Treasury 2-year note closed at 0.15%.