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Monday Morning Coffee: Demand remains strong as economy hums along

Wall Street ended Wednesday on a higher note, lifted by gains in tech stocks, while consumer names like Gap and Nordstrom tumbled after weaker quarterly results and warned of supply chain problems. The Dow Jones Industrial Average fell 0.03% to 35,804.38, while the S&P 500 gained 0.23% to 4,701.46 and the Nasdaq Composite climbed 0.44% to 15,845.23. Consumer income and spending came in better than expected. Investors are worried about the increase in COVID cases in Europe. Also, various Federal Reserve officials said that they are open to speeding up the elimination of their bond-buying program and moving more quickly to raise interest rates, minutes of the last meeting revealed.

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Monday Morning Coffee: Inflation at 30-year high & Holiday shopping shifts early

The Nasdaq closed above 16,00 for the first time on Friday, its second straight record finish powered by technology stocks, while pandemic jitters sent the Dow to its fourth losing session in a row. The Dow Jones Industrial Average fell 268.97 points, or 0.75% to 35,601.98, the S&P 500 lost 6.58 points, or 0.14% to 4,967.96 and the Nasdaq Composite added 63.73 points, or 0.4% to 16,057.44. Both the Nasdaq and the S&P 500 index had a winning week, up 1.2% and 0.3%, respectively. Friday’s fall in the Dow was caused by banking, energy, and airline stocks slumping on fears that European countries, battling a resurgence in COVID cases, could follow Austria in moving towards a full lockdown. In addition to COVID fears, investors usually start to shift assets this time of year to safer havens for the run to the end of the year.
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Monday Morning Coffee: Wage Pressures Widen to Industries Not Hit Hard by Pandemic

Wall Street’s main indexes scored record closing highs on Friday and booked solid gains for the week following a strong U.S. jobs report and positive data for Pfizer’s experimental pill against COVID-19. The Dow Jones Industrial Average rose 203.72 points, or 0.56% to 36,327.95, the S&P 500 gained 17 points, or 0.37% to 4,697.53 and the Nasdaq Composite added 31.28 points, or 0.2% TO 15,971.59. For the week, the S&P rose 2%, the Dow added 1.42% and the Nasdaq gained 3.05%. The jobs report that showed an addition of 531,000 jobs, plus the news that Pfizer’s experimental antiviral drug reduced hospitalizations or death kept the stock runs going after a week that saw the Federal Reserve announce it will start to taper its bond-buying program put in place to support the economy.
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