Ending a trading week of dramatic rebounds from the major indexes’ pullback a week ago, all three finished Friday at new all-time highs, each posting solid weekly gains of at least 1%. The Dow added 238 points to break the 35,000 tape. The Nasdaq gained 152 and the S&P put up another 44. Futures are lower
Over 150 S&P 500 companies are due to report in this biggest week of the earnings season. Tech heavyweights Apple, Microsoft, and Alphabet are among them but consumer names like McDonald’s and Proctor & Gamble open their books too, as will ExxonMobil and Chevron at the end of the week.
The state of the economic recovery and the inflation outlook will top the agenda when Federal Reserve officials meet tomorrow and Wednesday. The policymakers will discuss how soon and how much to trim monthly purchases of Treasury and mortgage securities.
The 11th U.S. Circuit Court of Appeals in Miami has lifted any pandemic restrictions on Florida-based cruise ships. The cruise ship industry employs some 160-thousand Florida residents and brings millions of dollars into the state. The new ruling says the cruise ship industry must use the CDC's policies as "guidelines" for passengers.