April 13, 2021

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The daily business briefing: March 30, 2021

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The Dow Jones Industrial Average rose by about 100 points or 0.3 percent on Monday to close at 33,171, its 17th all-time high of 2021. The S&P 500 and the Nasdaq fell by 0.1 percent and 0.6 percent, respectively, as a large hedge fund’s default on margin calls reportedly worth more than $20 billion last week dragged down bank stocks and triggered a fire sale of some shares. U.S. stock index futures made modest gains before Tuesday’s opening bell as many investors shrugged off recent volatility. “Investors seem to understand that faster growth, rising earnings growth expectations, still historically low corporate borrowing costs, and pent up consumer demand will fuel further market gains,” Evercore ISI analysts said in a note to clients. U.S. stock index futures were mixed early Tuesday. [MarketWatch, CNBC]

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