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US stock market report: Alibaba fined, S&P 500 hits new highs

Another positive end to the week sent the Dow Jones up 0.9%, the S&P 500 up 0.8% and the Nasdaq up 0.5% on Friday despite unexpected signs of inflation.

Both the Dow and S&P finished at all-time highs, with the latter hitting a new level on three consecutive days. The results were similarly strong over the week, with the major indices adding 2.0%, 2.7% and 3.0%, respectively.

Inflation dragon stirs

Friday brought the first signs of a potential spike in inflation, with the producer price index, which measures the cost of goods being paid by manufacturers and importers, jumping 1% in March and 4.2% over the last 12 months.

To inflation hawks, this is proof that it is beginning, however, central banks and those involved in the industry highlight that an increase in prices was inevitable given the higher oil price and supply shortages due to COVID-19 lockdowns.

The big question is whether they seek to pass the cost onto consumers.

Featured video: Modern Monetary Theory explained (in simple terms)

Alibaba’s huge fine, Amazon overcomes union

Alibaba (NYSE: BABA) received a significant fine from the Chinese Communist Government, US$2.8 billion, for its monopolistic practices. This represents just 4% of 2019 sales so the penalty is more about a signal than financial impact; shares fell 2.2%.

In the US, Amazon (NASDAQ: AMZN) has seemingly overcome the challenge of workers in one of their factories seeking to unionise, potentially setting a precedent for the rest of their operations.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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Disclosure: At the time of publishing, Drew owns shares in Alibaba.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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