In like a lamb, out like a lion. That’s how the trading action appeared to conclude for the Dow Jones Industrial Average in March, with the blue-chip index booking its widest monthly outperformance against the Nasdaq Composite in nearly a decade.
The nearly 125-year Dow has only outperformed the Nasdaq Composite by this great a margin in a month on 19 occasions, since the inception of the techy index in 1971. The backpedaling for the Nasdaq Composite in March comes as benchmark bond yields have been on the rise, helping the Dow makeup ground, pushing it to a year-to-date gain of 7.8%, versus a 5.8% gain for the Nasdaq. However, the Nasdaq still holds on to a substantial edge over the past year, up 72% compared with the Dow’s 50% return.
COVID vaccine rollouts and trillions of dollars in fiscal spending are expected to accelerate the economy’s rebound out of the depths of the public health crisis, which could further drive up rates and place additional pressures on techy names.
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