Infrastructure Plans Boost Optimism06/28/2021


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From Worst to Best
U.S. equities rebounded last week with the S&P 500 transitioning from its worst week since January to its best week since February. Risk-on equity buying was driven by optimism surrounding President Joe Biden’s endorsement over a bipartisan Congressional infrastructure spending deal that should be additive to the pace of economic recovery. Meanwhile, in testimony before Congress, Fed Chairman Powell again played down run-away inflation fears, saying he has a level of confidence that prices will eventually come down, and it would be “very, very unlikely” for a repeat of 1970s-style inflation.

For the Week…
The S&P 500 rallied 2.76% last week, the Dow Industrials surged 3.44% and the tech-heavy Nasdaq Composite advanced 2.36%. The small cap-focused Russell 2000 outperformed, gaining 4.33% with small cap growth performing best, up 4.54% versus a 4.14% gain on small cap value.

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