S&P tops 3,500 intraday; rates at two-month highs
- The S&P 500 briefly topped 3,500 for the first time intraday, passing
another milestone as it moves further in to record territory.
- The S&P is up 0.5%, hitting above 3,501 earlier. The Dow is up 0.8% and
the Nasdaq is up 0.3%.
- It took the S&P a little more than a year to move to 3,500 from 3,000,
where it first closed above in July 2019. And that's with an
economy-halting pandemic.
- At the same time, interest rates are surging after Fed chief Jay
Powell announced a shift in policy that would allow inflation to run
above
2% before the central bank hiked.
- The 10-year Treasury yield is at 0.73%, up more than 4 basis points.
The yield hasn't been that high since mid-June.
- Financials (NYSEARCA:XLF) are benefiting from the pop in rates. The
sector is leading the day, up 1.7%.
- Communication Services (NYSEARCA:XLC) is bringing up the rear, giving
back some of its outsize gains yesterday when it jumped 3.5%.
- Microsoft +3.8% is lifting Technology (NYSEARCA:XLK) into the green as
it hones in on TikTok, with Walmart +5% as a partner.
- As we've seen often when cyclicals are the leading sectors, recovery
stocks are also catching a bid. Cruise lines are bouncing back after this
week's losses and casinos are higher after the FDA OK'd a faster, cheap
COVID-19 test, which could spur demand.
|Today, 11:41 AM|6 Comments
- The S&P 500 briefly topped 3,500 for the first time intraday, passing
another milestone as it moves further in to record territory.
- The S&P is up 0.5%, hitting above 3,501 earlier. The Dow is up 0.8% and
the Nasdaq is up 0.3%.
- It took the S&P a little more than a year to move to 3,500 from 3,000,
where it first closed above in July 2019. And that's with an
economy-halting pandemic.
- At the same time, interest rates are surging after Fed chief Jay
Powell announced a shift in policy that would allow inflation to run
above
2% before the central bank hiked.
- The 10-year Treasury yield is at 0.73%, up more than 4 basis points.
The yield hasn't been that high since mid-June.
- Financials (NYSEARCA:XLF) are benefiting from the pop in rates. The
sector is leading the day, up 1.7%.
- Communication Services (NYSEARCA:XLC) is bringing up the rear, giving
back some of its outsize gains yesterday when it jumped 3.5%.
- Microsoft +3.8% is lifting Technology (NYSEARCA:XLK) into the green as
it hones in on TikTok, with Walmart +5% as a partner.
- As we've seen often when cyclicals are the leading sectors, recovery
stocks are also catching a bid. Cruise lines are bouncing back after this
week's losses and casinos are higher after the FDA OK'd a faster, cheap
COVID-19 test, which could spur demand.
|Today, 11:41 AM|6 Comments
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