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Weekly Economic Update: March 4, 2024

Stocks extended their tech-led advance last week as signs of a resilient and still-enthusiastic consumer boosted momentum.

Nasdaq Sets New High
Stocks traded in a narrow band early in the week but ended the five-trading sessions with a powerful advance.

While the Dow dipped lower, artificial intelligence (AI) names powered the gains in the S&P 500 and the Nasdaq Composite. The Nasdaq bobbed around the 16,000 level for most of the week before posting consecutive record highs on Thursday and Friday, surpassing its 2021 record. It was the last of the three major stock benchmarks to reach a record high this year.

Economic news also helped boost markets. The Personal Consumption Expenditures (PCE) Index, the Fed’s preferred inflation gauge, rose 0.3 percent in January versus December—and 2.4 percent on a 12-month basis. Both were in line with expectations. Stocks ticked up on Thursday following the release of the report.

Financial Planning for Business Owners 

Considering a retirement savings plan for your business? While many are familiar with the traditional 401(k), it's crucial to explore options that best fit your unique situation. Explore alternatives like SEP IRA, SIMPLE IRA, or individual 401(k) plans. Each has distinct features catering to different needs. 

Widow donates $1 billion in stock to medical students 

When the 96-year-old Ruth Gottesman's husband died in 2022, he left behind something that surprised even his wife: $1 billion in Berkshire Hathaway stock.  "He left me, unbeknownst to me, a whole portfolio of Berkshire Hathaway stock," Gottesman said. Her husband's only instructions? "Do whatever you think is right with it," she told the outlet.

She decided to donate the money in full to the Albert Einstein College of Medicine in the Bronx, New York City's poorest borough. The donation is set to cover students' tuition in perpetuity.  Read More from Business Insider.

Parting Shot 

Four generations of women braid each other's hair is this mural by Longmont artist Gamma Acosta. Photo by Wendy Hempen.

Photo at top: Paragliding in Golden, CO by John Hutchins

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