First Quarter 2021 Review

U.S. stocks marched higher in the first quarter, with the S&P 500 pushing through 17 new highs and reaching 4,000 for the first time. “Risk-on” sentiment is being driven by what investors and consumers see as the longawaited economic reopening, improving and accelerating economic data, and arguably the greatest fiscal stimulus experiment in the country’s history. The latest stimulus installment, at $1.9 trillion, amounts to a staggering 9% of GDP