Top-of-mind headlines news as we start the week:
— The S&P 500 gained 26.9% in 2021, beating the Dow and Nasdaq; just 5 stocks (MSFT, GOOG, APPL, NVDA, TSLA), accounted for half the S&P return April – Dec.
— US construction spending climbed less-than-expected in Nov. 2021, rising 0.4% for the month vs. 0.6% expected on supply chain constraints and shortage of workers; most of the rise was in transportation projects.
— New claims for US unemployment benefits fell to 198,000 for the week ending Dec. 25 fell, 8,000 below estimates, on robust demand for labor.
— The world’s largest trade deal — the Regional Comprehensive Economic Partnership (RCEP) — took effect Jan. 1; it comprises 15 countries totaling over 30% of global GDP and is expected to greatly benefit China.
— Denmark set goal for all its domestic flights to be “green” by 2030; would mean use of aircraft powered by low or zero-carbon propulsion systems, either electric or hydrogen-based.
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