By Christiana Sciaudone
Investing.com -- Markets closed higher, strengthening after an early dip as investors went bargain-hunting. Choppiness, however, is likely to continue.
Tech was responsible for much of the bounce, while lower oil prices dragged down energy stocks. Oil ended lower 4% as European Covid worries continue.
President Joe Biden said in his first press conference that he's doubling his target to have 200 million vaccinations within his first 100 days. He also said he'd run for reelection in 2024. Already, people?
The heads of Google (NASDAQ:GOOGL), Twitter and Facebook (NASDAQ:FB) were on the hot seat in Congress answering angry lawmakers. Social media has been widely blamed for amplifying calls to violence and spreading misinformation that contributed to the Jan. 6 coup attempt in D.C., Reuters said.
In good economic news, jobless claims fell more than expected and fourth-quarter GDP beat economists' estimates.
Here are three things that could affect markets tomorrow:
1. Personal habits
Personal income and spending for February are due at 8:30 AM ET (1230 GMT), and economists are expecting a drop in both. That's what happens in the month between payouts of the $600 stimulus checks in January and the $1,400 one on its way. Look for a 7% decline in spending and a 0.2% drop in consumption.
2. Feeling Sentimental
The final print of the University of Michigan sentiment reading for March is expected to tick up in light of the aforementioned stimulus checks and the passage of the larger federal aid package. The quicker pace of vaccinations throughout the country should also contribute to the expected 83.6 reading, up from 83.
3. March madness?
No not that March Madness. Will stocks close out the week on a high note, or turn in another down week? It all depends on how Friday plays out. The S&P 500 finished last week down 0.8% after back-to-back positive weekly performances to start the month. Right now it's little changed through Thursday. It's a slightly different story over on the Nasdaq, which has bounced from negative to positive to negative in March. It will need a big day tomorrow, as it's down a little over 1.5% on the week.