Daily Market Color April 15, 2021Strong Economic Data Sends Stocks Soaring; Yields Fall Retail sales and jobless claims send stocks to record highs Strong beats in both March retail sales (9.8% actual vs. 5.8% expected) and initial jobless claims (576,000 actual vs. 700,000 expected) helped fuel all three major equity indices to close at record highs, with the Nasdaq rising 1.61% on the day. The uncertainty around vaccination progress due to the J&J vaccination still on a recommended pause in the U.S., and rising COVID cases was enough for Treasurys to rally on the strong economic data release. Yields decreased across the curve with the 10yr dropping as low as 1.53% before closing at 1.57%. Jobless claims hit pandemic low Initial claims came in at 576,000 last week, the lowest level since the beginning of the pandemic. The lower claims are an indication that the labor market will continue to improve as economies continue to open and businesses fill roles to meet the rising consumer demand. Retail sales increase most in 11 months Retail sales beat expectations in March increasing 9.8% (5.8% increase was forecasted). The robust growth has been attributed to the additional $1,400 in stimulus checks and opening economies across the U.S.
