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S&P closes at lows of the day after New York school shutdown spurs late
selling

- A market that had been cruising on last week's momentum, with a jolt
on Monday, ran out of steam.
- New York City closing public schools was enough of a nudge for
recovery plays to return some gains, while stay-at-home favorites like
Zoom
rebounded.
- The S&P (SP500) -1.2% ended at the lows as all 11 sectors closed in
negative territory on strong last-hour selling.
- The Nasdaq (COMP) -0.8% also ended around the lows. The Dow (DJI)
-1.2% dropped
as Boeing -3.2% reverse a 5% early gain.
- The stay-at-home stocks went from red to green after New York's
announcement: Zoom Video +3.4%, Shopify +2%, DocuSign +1.2%, TelaDoc
+1.5%.
- The cyclical sectors managed to keep some early gains from the jump
after the last Pfizer vaccine numbers. Industrials (NYSEARCA:XLI) -0.4%
declined
the least.
- Consumer Discretionary (NYSEARCA:XLY) followed, with a mixed
performance in retail (Target +2% and Lowe's -8% on earnings) and
recovery plays (casinos and department stores up and cruise lines down).
- Energy (NYSEARCA:XLE) -2.9%, either at the top or the bottom lately,
declined
the most.
- Rates didn't budge amid the push and pull in equities. The 10-year
Treasury yield was at 0.87%.





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