Equities were mixed to end the last week but left the NASDAQ Composite and S&P 500 trading at new all-time highs. The move was driven by better than expected economic data as well as the passage of President Biden?s infrastructure package. The package, if nothing else, promises to unleash trillions in spending over the next few years and that is stimulus enough for the stock market.

Earnings from the retail sector are also to blame for last week?s performance. The sector reported largely better than expected numbers but gave a mixed view of the holiday season. While inventories should remain robust through the end of the year there are some concerns products arriving from Asia will be in short supply come January.