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US stocks declined on Tuesday after investors assessed whether the economy could withstand an early tapering of support measures. The S&P 500, for instance, went down 0.20% from record highs. The report on Wells Fargo & Co, decline in US consumer confidence and largest jump in home prices in more than 30 years also put some pressure on the market.
In any case, US stocks are still heading for their seventh consecutive monthly growth, which is the longest streak it has since January 2018.
But as debate on tapering heats up, coupled with a resurgence in COVID-19 that is delaying the resumption of operations in some parts of the world, concerns have risen about the potential overstretching of the stock market, especially with the S&P 500 trading near its highest level since 2000.
Fortunately, corporate insiders, whose purchases have correctly marked the bottom of the bear market in March 2020, are not afraid to chase a record rally. More than 1,000 executives and managers reportedly bought shares in their companies this month, which is way more than the purchases since May last year.
Other important events for this week are:
- OPEC meeting (Wednesday);
- PMI data from the Euro area (Wednesday);
- US employment report (Friday).
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