Markets Close Following Record Breaking Day

If you’re an avid trader, you may find yourself stumbling around your office this morning as markets are currently closed in celebration of Good Friday and the Easter weekend.

But those of you who are still craving some type of market fix on Friday will be relieved to hear that the stock index futures are open for trading with low volume and the bond market will be open until 2pm ET as the monthly jobs report is expected to be released.

S&P Breaks All Time Record

Friday’s somber markets come a day after traders saw the Nasdaq climb to 1.76% and the S&P cross 4,000 for the first time, marking its fastest 1,000-point milestone ever recorded.

Many attribute the jump in stocks to the recent infrastructure announcement made by President Biden. While U.S. jobless claims were reported up this week, reaching 719,000 reported claims, many investors turned a blind eye to this news as Biden touted his “once-in-a-lifetime capital investment” opportunity claiming that the passing of the bill will create millions of good paying jobs for unemployed Americans.

This good news is in stark contrast, however, to the news coming out of companies like Ford Motor Co. as they recently stated they plan to cut production at seven of their North American plants in the months ahead.

Only time will tell whether or not the Biden infrastructure bill will be able to pull off the many tasks it claims to be able to fix. While raising the corporate tax rate could push many good paying U.S. jobs back overseas (a topic recently covered HERE) its true that a national focus on infrastructure would also create a great many jobs for hard working Americans.

One can’t help but wonder… is it better to produce infrastructure jobs at the loss of more American factories or is there more longevity in the corporate sector?

These are the types of questions Washington officials are currently asking themselves and, despite the uncertainty of their decision and the American people not being included in the conversation, what is certain is that it’s the American people who are going to be the ones to live with the consequences of their choices, for better or worse.

If you’d like to learn more about how best to move ahead in these uncertain times, we invite you to sit down with DTI founder and head trader Tom Busby and market pro Jack Carter as they discuss today’s markets and tomorrow’s profits.

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