JPMorgan Billionaire Dimon Cheers Upcoming ‘Boom’—And S&P, Dow Back Near Record Highs
'Euphoria around the end of the pandemic' should help bolster economic activity this year, Dimon said in his annual note to shareholders.
ToplineWith experts eyeing an impending economic"boom," stocks are trudging back toward record highs Wednesday as long-struggling cruise stocks head up the market's gains while technology firms continue to cool off—another sign the market's recent reversal could continue as earnings season revs up next week.
Jamie Dimon, Chairman and CEO, of JPMorgan Chase, in April 2019.ASSOCIATED PRESSKey FactsShortly after the market open, the Dow Jones Industrial Average and the S&P 500, which both closed at record highs Monday, climbed about 0.3% and 0.1%, respectively, while the tech-heavy Nasdaq fell about 0.3%.
Big tech firms, which have largely underperformed this year amid rising Treasury yields, continue to lag Wednesday: Tesla, Microsoft and Apple are all falling as much as 0.6%.Outperforming the market, shares of the nation's three largest cruise operators are soaring as the firms headtopics.com
gear upfor a long-awaited return to cruising, with Norwegian Cruise Line, Carnival and Royal Caribbean Cruises up 4%, 3% and 2.5%, respectively.Other stocks climbing Wednesday include Victoria's Secret parent L Brands, water heater company A. O. Smith and Chipotle, which are up between 2% and 3% apiece.
Meanwhile, shares of blank-check company Mudrick Capital Acquisition Corp II are holding on to their 15% Tuesday surge after the firmit's taking sports memorabilia company Topps public in a deal valued at $1.3 billion.In his annual note to shareholders, billionaire JPMorgan CEO Jamie Dimon
Wednesday that although stock valuations are"quite high by almost all measures," an expected economic boom could justify the prices, echoing the sentiment among big banks Goldman Sachs and Morgan Stanley, which have recently touted the impending recovery.
Crucial Quote “I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more [quantitative easing from the Fed], a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom," Dimon headtopics.com
."This boom could easily run into 2023 because all the spending could extend well into 2023” Read more: Forbes »
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