Positive market reaction to the latest economic data
According to the Department of Labor’s latest report, in the
past week, 576K people filed for unemployment for the first time. The figures
topped the 703K expect by analysts, and it’s also a new COVID-19-era low. The
labor market seems to be recovering, given that last month 916K jobs were
Moreover, the Commerce Department revealed that retail sales
jumped 9.8% last month. The surge was driven by the fact that people spent
their latest stimulus check. The result came ahead of the 5.8% touted.
Following the news, USA500 and TECH100 gained 0.7% and
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