The S&P 500 rose for the 10th session in the last 11-days on Thursday as U.S. retail sales figures beat market expectations.
Data released by the Commerce Department showed that sales rose by 9.8% last month, versus the expected 5.9% increase.
With the U.S. economy being boosted by the distribution of the COVID-19 vaccine, plus the recent stimulus bill, many Americans have begun to spend at pre-pandemic levels.
Spending in March was led by vehicles, with car sales rising by 15.1% after falling 3.5% in February.
As of writing, the S&P 500 was up 1.07%.
Coinbase jumps 10% as Ark investment revealed
In its second day of trading on the NASDAQ, cryptocurrency exchange Coinbase rose by as much as 10% in today’s session.
The rise was attributed to the news that Cathie Wood’s Ark Investment fund bought $246 million worth of Coinbase shares in yesterday’s session.
Wood, who has been one of the most followed investors over the past few years due to her positions in Tesla and Bitcoin, now adds Coinbase into that triage.
Since the rally earlier in the day, the price of Coinbase has somewhat faltered, and now trades 4.10% up as of writing.
Weekly Jobless Claims fall to 1-year low
Data released today by the Labor Department showed that Weekly Initial Jobless Claims fell to their lowest level in the last year.
Today’s report showed that the number of Americans applying for unemployment benefits fell in the last week to 576,000.
This is a post-COVID low and comes as the U.S. economy is once again starting to ramp up post-pandemic.
Weekly Jobless claims have become a key economic indicator in the United States since the start of the pandemic, so today’s numbers are a good sign of what could be ahead from the world’s largest economy.
Quote of the day – “Short-term volatility is greatest at turning points and diminishes as a trend becomes established.”– George Soros
Senior Market Analyst