U.S. stocks hit record highs, China's economy grows 18.3% on-year in 2021 Q1
Updated: 2021-04-16 13:36:38 KST
The U.S., the world's largest economy, is on the path to economic recovery with the Dow and S&P 500 index both hitting record highs on Thursday, local time.
The Dow Jones Industrial Average gained point-nine percent leading to the blue-chip benchmark crossing the 34-thousand mark for the first time.
Meanwhile, the S&P 500 hit an all-time high, closing at 4,170-point 42.
Rosy economic indicators have largely contributed to the rise.
According to the Commerce Department, retail sales surged by around 10 percent in March compared to the previous month with additional stimulus packages encouraging consumer spending.
Meanwhile, the Labor Department reported that there have been fewer people filing for unemployment.
New jobless claims for the week ending April 10th stood at 576-thousand similar to that of March last year, the early days of the COVID-19 pandemic.
And…economic rebound from the coronavirus pandemic is being witnessed in China, as well.
China's National Bureau of Statistics said on Friday that its economy grew over 18 percent in the first quarter of 2021, compared to the previous year.
The figure marks the strongest quarterly on-year growth since 1992, when China started compiling data.
The surge was mainly due to a low base effect, as China locked down large parts of its economy in early 2020 to contain the virus.
In the first quarter of last year, China's economy contracted six.eight percent.
An increase in household consumption was another factor.
Retail sales rose 34 percent in March compared to a year before, surpassing market expectation of 28 percent.
Seo Eunkyung, Arirang News.