Dow Jones holds to close above 30K as cyclicals shine; S&P 500 ends at a
record high
- Wall Street is still going full tilt on the recovery trade and the
technology stocks joined in as well to boost the Dow (DJI) +1.5% above
30K, at 30,046, and the S&P (SP500) +1.6% to another record close.
- The Nasdaq (COMP) +1.3%, which has lagged of late, wasn't far behind.
- The Dow crossed its milestone thanks to another jump from Boeing, and
large gains in J.P. Morgan, Disney and Goldman Sachs. The price-weighted
index has benefited from the boost in cyclicals from vaccine data and is
up
13% in November.
- Indications from the White House that vaccine distribution could start
after Dec. 10 and the starting of the transition from President Trump to
President-elect Biden helped the recovery narrative today.
- The bond market also indicated confidence in the economic recovery.
The 10-year Treasury yield rose to 0.88%.
- The megacap stocks rebounded form recent weakness, with all of the Fab
5 rising. Facebook and Alphabet gained the most.
- Ten out of 11 S&P sectors closed higher, with only Real Estate
(NYSEARCA:XLRE) in the red.
- Energy (NYSEARCA:XLE) added another 5%, leading the sectors again, and
is now up 40% for the month so far. Crude futures +4% approached
$45/barrel.
- Financials (NYSEARCA:XLF) also rallied sharply as Wells Fargo +9% and
Citi +7% continuing to attract buyers.
- Spot gold struggled again, but managed to hold above $1,800/oz.
- Retailers bookended the S&P. Dollar Tree +13% was the top gainer on
confident guidance, but Best Buy -7% didn't serve up a holiday sales
outlook.
|Today, 4:03 PM|12 Comments
record high
- Wall Street is still going full tilt on the recovery trade and the
technology stocks joined in as well to boost the Dow (DJI) +1.5% above
30K, at 30,046, and the S&P (SP500) +1.6% to another record close.
- The Nasdaq (COMP) +1.3%, which has lagged of late, wasn't far behind.
- The Dow crossed its milestone thanks to another jump from Boeing, and
large gains in J.P. Morgan, Disney and Goldman Sachs. The price-weighted
index has benefited from the boost in cyclicals from vaccine data and is
up
13% in November.
- Indications from the White House that vaccine distribution could start
after Dec. 10 and the starting of the transition from President Trump to
President-elect Biden helped the recovery narrative today.
- The bond market also indicated confidence in the economic recovery.
The 10-year Treasury yield rose to 0.88%.
- The megacap stocks rebounded form recent weakness, with all of the Fab
5 rising. Facebook and Alphabet gained the most.
- Ten out of 11 S&P sectors closed higher, with only Real Estate
(NYSEARCA:XLRE) in the red.
- Energy (NYSEARCA:XLE) added another 5%, leading the sectors again, and
is now up 40% for the month so far. Crude futures +4% approached
$45/barrel.
- Financials (NYSEARCA:XLF) also rallied sharply as Wells Fargo +9% and
Citi +7% continuing to attract buyers.
- Spot gold struggled again, but managed to hold above $1,800/oz.
- Retailers bookended the S&P. Dollar Tree +13% was the top gainer on
confident guidance, but Best Buy -7% didn't serve up a holiday sales
outlook.
|Today, 4:03 PM|12 Comments
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