With much of the market closed on Friday, investors will get their chance to react to the blow-out payrolls number this morning. Friday's report showed the jump in hiring had a broad base across industries, with leisure and hospitality leading gains. Those numbers were reflected in survey data which showed a record share of small-business owners reported job openings in March.
President Biden's second major legislative initiative so far looks unlikely to draw more bipartisan support than his first $1.9T COVID-19 relief package. Republicans are taking aim at the $2T infrastructure plan released last week, with Senator Roy Blunt urging the administration to significantly scale back the project if Biden wants GOP support. It may not matter. Over the weekend, Energy Secretary Jennifer Granholm said Biden is willing to push through the American Jobs Plan. He would prefer to have GOP backing, she told CNN's State of the Union, but if that does not work, he would likely support using reconciliation to allow Democrats to pass it in the Senate.
Stocks aren't the only market to have rallied for much of the last year. In fact, the real estate sector has seen some of the fastest house price growth in more than a decade and there aren't many communities where prices have fallen since the pandemic. Despite rising costs and mortgage rates, homes are still getting snatched off the market at a record pace, per a new Redfin report. About 59% of homes that went under contract had an accepted offer within two weeks of hitting the market, while more than 40% of homes sold above the original asking price. U.S. home prices soared 11.2% in January, their biggest annual increase in 15 years, according to the S&P CoreLogic Case-Shiller national index. The data also "remained consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes