Last week, the S&P 500 and NASDAQ Composite indexes took different paths to post positive returns. After a rough patch two weeks ago, technology stocks pushed higher. Market sentiment was high following the historic passing and signing of the $1.9 trillion-dollar Covid relief bill. President Biden signed the bill on Thursday, a day earlier than expected. A clearer path to fully reopening the economy is in sight as U.S. jobless benefits fell by more than consensus while vaccinations accelerated and more states have eased pandemic restrictions. Vaccine distribution is currently at 2.3 million shots per day with a total of over 100 million doses administered and 66 million people receiving at least one shot. The shot velocity is expected to gain significantly with the rollout of Johnson & Johnson’s single shot vaccine.
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