US Stocks Finish Week on High Notes, Confusion Abounds on Masking
#Masking #CDC #Walmart
Every sector in the S&P 500 closed higher Friday, advancers outpaced decliners at the NYSE and NAS Comp, and the speculative growth stocks joined in on the action after sitting out of Thursday's Key reversal run.
The energy sector (+3.2%) was the Top-performing sector in the S&P 500, the IT sector (+2.1%) was the most influential. and Russell 2000 was up +2.5% on the day.
Thursday’s announcement by the Centers for Disease Control and Prevention (CDC) that people who are fully vaccinated against the coronavirus do not have to wear face masks in most indoor or outdoor situations was a landmark moment in the fight against COVID-19. However the widespread relief was accompanied by confusion about what the new guidance means to the real world.
Here is an early clue: Walmart (NYSE:WMT), the US' biggest employer, said fully vaccinated staff and customers can now leave their masks at home, a decision that will influence how other businesses respond to the latest CDC guidance. The move by the world’s largest retailer marks a significant step toward a return to normalcy in American life.
Friday, the benchmark US stock market indexes finished at: DJIA +360.68 at 34382.13, NAS Comp +304.99 at 13430.01, S&P 500 +61.35 at 4173.85, and Russell 2000 rose +2.5%.
Volume: Trade on the NYSE came in at 852-M/shares exchanged.
Note: The market was not concerned about the weakness in retail sales, as it was driven by a tough sequential comparison, and the market knows that hiring activity will increase, that wages will increase, and that there is a huge amount of personal savings at the ready to spend in the months ahead.
HeffX-LTN's overall technical analysis of the major US stock market indexes for the wk ended 14 May 2021 is Bullish to Very Bullish. The CBOE Volatility Index (VIX) is now 18.81, -4.32, -18.7%.
Russell 2000 +12.7% YTD
DJIA +12.3% YTD
S&P 500 +11.1% YTD
NAS Comp +4.2% YTD
Looking Ahead: Investors will receive the Empire State Manufacturing Survey for May, the NAHB Housing Market Index for May, and Net Long-Term TIC Flows for March Monday
Have a healthy weekend, Keep the Faith!
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