What we’re reading (3/7)
“Covid-19 Crashed The Stock Market A Year Ago. Here Are Some Lessons Learned.” (Wall Street Journal). “The S&P 500 took just 126 trading days to swing from a record to a bear market and back to a new high—marking the fastest such recovery in history. That was even as market prognosticators warned stocks were due for another bout of selling, based on the growing death toll and unprecedented job losses caused by the coronavirus pandemic.”
“The Market’s Ride On Easy Street Is Getting Bumpy” (Briefing.com). “Good news just isn't moving the needle like it used to because the forward-looking stock market has priced in so much of it already; hence, it is more sensitive these days to news, and developments, that could act as speed bumps, if not damaging pot holes, on Easy Street.”
“Too Many Smart People Are Being Too Dismissive Of Inflation” (New York Times). “Fears were overblown for years. But let’s not be blasé about how hard it could be to halt high prices if they haunt us again…the prices of many commodities are surging — copper and lumber because of a jump in home building. Global steel demand has pushed up iron ore prices. Even tin, heavily used in electronics, has soared as suppliers rush to meet consumer demand for new gadgets.”
“The Business Winners In Biden’s Relief Package: Restaurants, Concert Venues And Airplane Manufacturers” (Washington Post). “The restaurant industry emerged as the bill’s biggest private-sector winner. The package establishes a $28.6 billion ‘revitalization fund’ for restaurants that will dole out grants to help them cover pandemic-related revenue losses, with businesses eligible for up to $5 million each.”
“Millennial New Yorkers Are Ditching Basements And Roommates For Luxury Apartments At $1,000-Plus Discounts” (Business Insider). “In a city notorious for its unaffordability, the pandemic era has sent once sky-high rents plummeting, making luxury living by New York City standards attainable for those once priced out of such a lifestyle. Millennial New Yorkers…are jumping on deals they know won't last indefinitely, upgrading to luxury apartments that suddenly fit with their budgets.”
