US stocks try to bounce back to record levels

By CNN Business

Updated 6:58 p.m. ET, April 7, 2021
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8:55 a.m. ET, April 7, 2021

Jamie Dimon: This economic boom could easily last into 2023

From CNN Business' Matt Egan

Jamie Dimon doesn't think this year's economic resurgence will be a one-hit wonder.

In his annual letter, the JPMorgan Chase boss said he has "little doubt" that the US economy "will likely boom" for several reasons: excess savings, new stimulus spending, a likely infrastructure package, stimulus from the Federal Reserve and euphoria over the end of the pandemic.

"This boom could easily run into 2023 because the spending could extend well into 2023," Dimon wrote.

In a phone interview with CNN Business, Dimon said he hasn't felt this optimistic about the US economy in a "long time."

"The circumstances are quite good, though some people are still being left behind. And we're coming out of Covid, thank God," he said.

A chorus of economists have sharply marked up their growth forecasts in recent months as the rollout of vaccines accelerated and the Biden administration enacted a $1.9 trillion rescue package.

The IMF predicted this week that the US economy will expand this year at the fastest pace since 1984 under President Reagan.

6:25 a.m. ET, April 7, 2021

Jamie Dimon sounds the alarm on the future of American prosperity

From CNN Business' Matt Egan

Jamie Dimon is very bullish on the US economic recovery from the pandemic. And yet the JPMorgan Chase CEO is deeply concerned about the future of America.

In his annual shareholder letter Wednesday, Dimon wrote that the Covid-19 pandemic, the "horrific murder" of George Floyd and the painfully slow economic growth of the past two decades are all symptoms of a broader problem: "inept" public policy and broad government dysfunction.

"Unfortunately, the tragedies of this past year are only the tip of the iceberg — they merely expose enormous failures that have existed for decades and have been deeply damaging to America," Dimon wrote, adding that the nation was "totally unprepared" for the deadly pandemic.

Read more here.

8:56 a.m. ET, April 7, 2021

US stock futures inch higher

US stock futures attempting a rebound after markets on Tuesday pulled back a bit from their record highs. 

Here's where things stand as of 6:15 am ET:

9:06 a.m. ET, April 7, 2021

Jeff Bezos comes out in support of increased corporate taxes

From CNN Business' Clare Duffy

As the White House considers raising taxes on corporations for the first time in more than 25 years, the head of one of America's largest companies is backing such a plan.

Amazon (AMZN) CEO Jeff Bezos said in a statement Tuesday that the company is "supportive of a rise in the corporate tax rate."

"We support the Biden Administration's focus on making bold investments in American infrastructure," Bezos said. "Both Democrats and Republicans have supported infrastructure in the past, and it's the right time to work together to make this happen. We recognize this investment will require concessions from all sides — both on the specifics of what's included as well as how it gets paid for."

Read more here.

6:16 a.m. ET, April 7, 2021

Samsung says profits likely jumped 44% despite chip supply problems

From CNN Business' Michelle Toh

Samsung (SSNLF) expects to have pulled off a strong first quarter, even as one of its chipmaking facilities was temporarily shut by a brutal US winter storm earlier this year.

The South Korean conglomerate said Wednesday that it likely made about 9.3 trillion Korean won ($8.3 billion) in operating profit from January to March, marking a 44% jump compared to the same period last year.

It also expected sales to have climbed about 17% year-on-year, to approximately 65 trillion Korean won ($58.2 billion). The preliminary results were roughly in line with estimates forecast by analysts polled by data provider Refinitiv.

Read more here.