Breaking records

摘要

The expectation of stimulus spending, better-than-expected first quarter results, the rollout of the Covid vaccine and the usual year end/new year rally have seen share prices reach unprecedented highs. The Dow has spent all of this year comfortably above 30,000 points, the S&P 500 is threatening the 4,000-point mark for the first time in its history and the tech-heavy NASDAQ is positively stratospheric. The same is true for the ACT Heavy Equipment Index (HEI) of U.S.-based construction equipment manufacturers. This measure of the industry's health, which was established at 100 points in 2005, broke through the 300-point market for the first time this year. It ended January at an all-time record high of 328 points. Why? You may well ask. Peoples' health is still threatened worldwide by the Covid pandemic, economic activity is hampered by this, and the resultant lockdowns, and industries such as travel, tourism, entertainment and hospitality have never faced such difficult times.