“There is no ‘gloom and doom’ in this market, so tune out the Noise” — Paul Ebeling
Friday, the major US stock indexes rallied to record closing highs as financials and other economically sectors led the rally. The wk also saw a sharp rally in US Treasuries.
S&P financials led sector gains followed by energy, materials and industrials.
DJIA +448.23 at 34870.16, NAS Comp +142.13 at 14701.92, S&P 500 +48.73 at 4369.55
The S&P 500 rallying 1.1% to intraday and closing record highs and the 10-yr T-Note yield rebounding 7 bpts to 1.36%. The NAS Comp(+1.0%) and DJIA (+1.3%) also closed at record highs, while the Russell 2000 (+2.0%) outperformed
- S&P 500 +16.3% YTD
- Russell 2000 +15.5% YTD
- NAS Comp +14.1% YTD
- DJIA +13.9% YTD
Looking Ahead: Investors will not receive any notable economic data Monday
Next wk: Big banks will be among the 1st to report Quarterly earnings. A big jump in quarterly earnings is expected to mark a peak for US profit growth in the recovery from last year’s virus-induced correction, note that the correction was healthy.
Analysts expect earnings growth of 65.8% for companies in the S&P 500 index in the Quarter, up from a previous forecast of 54% growth at the start of the frame, according to Refinitiv IBES data.
Have a positive weekend, Keep the Faith!