Happy Thanksgiving! Hope you are all doing well. The S&P 500 and the NASDAQ posted modest gains, recovering from their small losses in the previous week. The Dow, however, slipped in a week that produced strong gains for technology stocks like Apple. I have broken down this week’s news using quotes about Thanksgiving.
Corporate CEOs have a lot to be grateful for. Figures from the just-completed quarterly earnings season show that profits at S&P 500 companies climbed an average 39% compared with the same quarter a year earlier. That’s the third-largest quarterly increase since 2010.
In the spirit of coming together, members of both parties put aside their differences and voted for a piece of legislation. President Biden’s two major economic packages gained momentum. On Monday, he signed into law a $1.2 trillion measure to upgrade traditional infrastructure. On Friday, the House passed a larger package addressing human infrastructure needs. That proposal now heads to the Senate, which is expected to trim the measure in terms of price and policy scope.
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