The S&P 500 closed over 4,000 on Thursday for the first time, having nearly doubled its coronavirus pandemic low of 2,192 in just over a year.
Why it matters: "Round numbers can be big psychological barriers for markets, so breaking 4,000 could provide a confidence boost to stocks in the short term," Lule Demmissie, president of Ally Invest, says in a note.
The bubble didn't burst. That's the main lesson to be drawn from the failures of Greensill and Archegos — headline-grabbing implosions that were certainly bad for Credit Suisse, among others, but that did nothing to slow the broader market's surge to new all-time highs.
The big picture: Speculative financial bubbles tend to be self-fueling. Investors using cheap borrowed money invest in assets that go up in value, generating paper profits that in turn get levered up even further and invested even more aggressively.
San Francisco Fed President Mary Daly does not expect President Joe Biden's proposed $2 trillion infrastructure package to alter the central bank's path on interest rate increases or change its outlook for inflation, she tells Axios in an exclusive interview.
Why it matters: Many have worried the combination of trillions in spending on coronavirus relief, the Fed's ultra-loose monetary policy, and Biden's big stimulus plans for infrastructure, education and manufacturing will set the table for out-of-control price increases.
Food delivery company Deliveroo’s much-anticipated public listing in London had a rough first day on the market.
Why it matters: Deliveroo was expected to be a watershed moment for London’s stock exchange as the biggest company to go public since Glencore nearly a decade ago, and the first of hopefully many more Big Tech IPOs.
Electric aviation startup Lilium is going public via merger with a special purpose acquisition company as it looks to commercialize a seven-seat vertical takeoff and landing plane (VTOL) for regional travel.
Driving the news: The Munich-based company yesterday announced a merger with Qell Acquisition Corp. that values the combined company at roughly $3.3 billion.
The total number of U.S. mortgage applications declined last week for the fourth straight week, and the ninth time in 11 weeks, data released this morning by the Mortgage Bankers Association showed.
Why it matters: The consistent downturn in applications shows just how much the housing market has weakened since January when mortgage rates hit all-time lows, and unlike in February when economists pointed their fingers at cold weather, this slump appears to be market-driven.
WeWork said Friday that it has agreed to be taken public by a SPAC sponsored by Vivek Ranadivé's Bow Capital Management.
Why it matters: This is a sunny ending to a very dark year for WeWork, which was already under pressure before the pandemic crushed co-working.
A portrait of the Fyre Media logo held by rapper Ja Rule sold at auction for $122,000 through the rapper’s NFT venture Flipkick painting, Ja Rule said on Twitter.
Why it matters: Because markets are efficient.
Eight members of GameStop's board of directors will leave the company after the gaming retailer's annual meeting in June, according to a new filing.
Why it matters: The "significant changes" will ensure a near-total transformation of board leadership for a company riding a stock market rollercoaster. It also affirms that new board members, led by Chewy co-founder Ryan Cohen, will chart the company's future.