The Week in Review
After a volatile week on Wall Street, stocks moved higher on Monday. The market ripped after lunch, ostensibly on the back of news that the FDA granted full approval for the two-dose Pfizer-BioNTech vaccine.
US stocks rose Tuesday, continuing their upward climb. While vaccine-maker shares including Pfizer, BioNTech, and Moderna cooled, travel stocks kept marching higher.
US stocks continued climbing Wednesday, led higher by bank shares and names that could benefit from a full economic reopening.
After a strong week of positive gains, stocks took a breather Thursday causing the S&P 500 to pull back from its record highs. Traders were monitoring the highly anticipated Jackson Hole symposium and headlines in Afghanistan.
Stocks popped on the final day of the week after Chairman Jerome Powell indicated the Federal Reserve will most likely taper its bond-buying program before the end of the year. Speaking during the Fed’s annual Jackson Hole symposium, Powell added that rate hikes are unlikely as there is still “much ground to cover” before the economy fully recovers and the employment picture brightens.
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This Week’s Top Stories
Virgin Orbit, the satellite launch startup owned by mogul Richard Branson, is going public via a SPAC deal. The transaction with NextGen Acquisition Corp. II (NGCA) values Virgin Orbit at $3.2 billion. Boeing (BA) and PE firm AE Industrial Partners are participating in the deal via a $100 million private investment in a public equity transaction.
The FDA’s full approval of the Pfizer (PFE) BioNTech (BNTX) vaccine boosted US Treasury yields Tuesday, with the 10-year Treasury note and 30-Year Treasury note each rising 2 basis points. Now that the FDA has given full clearance to the COVID-19 shot, expectations are running high that millions more Americans will get vaccinated, boosting the economic recovery.
Every week, SoFi’s Head of Investment Strategy shares her economic and market insights in order to help empower readers to take a more active role in their financial futures. This week, see what Liz has to say about staying invested.
Deep Dives from SoFi Learn
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Decimate high interest rate credit card and other debt with these helpful tips and proven techniques from around the web. Read How to Plan the Ultimate Debt Payoff Strategy at SoFi Learn.
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Crypto Mistakes to Avoid
Financial educator Ro$$ Mac has four mistakes to avoid with cryptocurrency, including investing more than you have to lose and not backing up your wallet. Find out more about those and two other mistakes to avoid with cryptocurrency in this video.