S&P outlasts stimulus swings to close higher, led by energy
- Stocks rallied into the close led by cyclical and defensive stocks
following another session dominated by stimulus comments that amounted to
no tangible progress.
- The S&P (SP500) closed up 0.5% and the Dow (DJI) rose 0.6%. The Nasdaq
ended up 0.2%, trailing with growth stocks under some pressure as rates
climbed.
- The S&P had been down as much as 0.6% in morning trading, but spiked
higher when Speaker Nancy Pelosi said progress on a stimulus deal
was "just
about there". In the afternoon, Senate Majority Leader Mitch McConnell
reiterated his stance (again) that Pelosi wants much more aid is needed,
but that did little to dent the market, which seemed to find its footing
in
later trading.
- Energy (NYSEARCA:XLE) continued its habit of closing either at the top
or the bottom of the sector list. It rose 4%, but is still up only about
1% for the week.
- Financials (NYSEARCA:XLF) rose about 2% on the rally in Treasury
yields. The 10-year yield rose to 0.86%, up more than 4 basis points,
topping the 200-day moving average of 0.85%.
- Health Care (NYSEARCA:XLV) and Utilities (NYSEARCA:XLU) followed.
- Real Estate (NYSEARCA:XLRE) was the worst performer in the face of the
rate rally.
- Retailer Gap was among the biggest gainers after outlining its path to
profitability with store closures at its Investor Day.
- Cincinnati Financial was the worst performer in the S&P after losing a
ruling on a virus business interruption case.
|Today, 4:03 PM|3 Comments
- Stocks rallied into the close led by cyclical and defensive stocks
following another session dominated by stimulus comments that amounted to
no tangible progress.
- The S&P (SP500) closed up 0.5% and the Dow (DJI) rose 0.6%. The Nasdaq
ended up 0.2%, trailing with growth stocks under some pressure as rates
climbed.
- The S&P had been down as much as 0.6% in morning trading, but spiked
higher when Speaker Nancy Pelosi said progress on a stimulus deal
was "just
about there". In the afternoon, Senate Majority Leader Mitch McConnell
reiterated his stance (again) that Pelosi wants much more aid is needed,
but that did little to dent the market, which seemed to find its footing
in
later trading.
- Energy (NYSEARCA:XLE) continued its habit of closing either at the top
or the bottom of the sector list. It rose 4%, but is still up only about
1% for the week.
- Financials (NYSEARCA:XLF) rose about 2% on the rally in Treasury
yields. The 10-year yield rose to 0.86%, up more than 4 basis points,
topping the 200-day moving average of 0.85%.
- Health Care (NYSEARCA:XLV) and Utilities (NYSEARCA:XLU) followed.
- Real Estate (NYSEARCA:XLRE) was the worst performer in the face of the
rate rally.
- Retailer Gap was among the biggest gainers after outlining its path to
profitability with store closures at its Investor Day.
- Cincinnati Financial was the worst performer in the S&P after losing a
ruling on a virus business interruption case.
|Today, 4:03 PM|3 Comments
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