The S&P 500 returned from the Easter break to rise for the fifth consecutive day on Tuesday, as it was reported that job openings in the U.S. rose last month.
JOLTs figures released by the Labor department showed that job openings rose to their highest levels in the last 2-years in February.
The survey showed that Job openings rose by 268,000 to 7.4 million at the end of February. Which was the highest JOLTS have been since January 2019.
February’s figures pushed job openings to 5.1% above their pre-pandemic level and saw the S&P 500 rise to a new all-time high of 4086 in today’s session.
IMF readjusts global growth forecast
The International Monetary Fund today announced that it will be increasing its 2021 global growth forecast as economies across the world begin to reopen.
After expected growth of 5.5% earlier this year, the IMF now expects growth of 6% in 2021, which is the highest forecast since the 1970s.
Many believe that the speed in which the COVID-19 vaccine is being distributed, will mean that consumers will grow in confidence and this could bode well for re-opening businesses.
In particular, the IMF expects the U.S. economy to rise the most, at 6.4% in 2021, the fastest since the early 1980s and nearly double the rate it estimated in October.
Credit Suisse takes $4.7 billion loss
After being embroiled in a scandal with U.S. hedge fund Archegos Capital, Credit Suisse today announced that the company suffered significant losses as a result.
The investment bank was exposed to the hedge fund, which lost close to $20 billion as a result of forced liquidations.
Credit Suisse confirmed losses of $4.7 billion, which is expected to result in a first-quarter pre-tax loss of around $960.4 million.
Regarding the matter, the bank’s CEO Thomas Gottstein stated that, “The significant loss in our Prime Services business relating to the failure of a U.S.-based hedge fund is unacceptable”.
Quote of the day – “Every day I assume every position I have is wrong.”– Paul Tudor Jones
Senior Market Analyst