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Wall Street charges ahead on one-year anniversary of major plunge

© Getty Images Financial markets are settling into what’s becoming familiar territory of record highs on the first anniversary of the worst one-day decline in decades, underscoring the gap between Wall Street and the economy. By the time the stock market closed on March 16, 2020 the worst day of losses for the Dow Jones Industrial Average since Black Monday in 1987 more than three years of gains had evaporated in barely a month. The emergence of COVID-19 had thrown the stock market into rampant volatility well before the Dow closed on March 16 with a loss of 12.9 percent. Stocks had been falling rapidly, punctuated by fleeting rallies, since Feb. 10 as an outbreak of a viral respiratory infection exploded into a global pandemic.

Will Biden stimulus, spending package end in runaway inflation? No!

Drew Angerer/Getty Images Both the COVID relief package and the infrastructure stimulus will not result in high inflation. There s no reason to fear overheating of the economy. Dan Alpert is an adjunct professor at Cornell Law School and a founding managing partner of the New York investment bank Westwood Capital LLC. This is an opinion column. The thoughts expressed are those of the author. This is the second of my two columns addressing concerns surrounding the Biden administration s plans to greatly increase the federal government s role in the US economy in the form of large scale fiscal spending, both for COVID-related relief and additional economic stimulus. Yesterday s column dealt with the problem of potential economic leakage, while today s will focus on inflation. Enjoy!

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