The major indices traded in a tight range during the week in which investors rotated out of growth-oriented stocks that have dominated an almost year-long rally and bought cyclical and under-priced value stocks.
“We’re under-estimating the lag effect of all the money in the system as more and more vaccinations are delivered and as more of the country reopens” from business shutdowns, he said. A sharp drop in new COVID-19 cases and hospitalizations in recent weeks have helped drive markets to new highs, though a near-term pullback could occur from the new coronavirus variants and potential snags in vaccine distributions.
A Reuters poll showed the U.S. economy is expected to reach pre-COVID-19 levels within a year as the proposed $1.9 trillion fiscal bill helps boost economic activity, but employment will likely take more than a year to fully recover. The Dow Jones Industrial Average rose 27.7 points, or 0.09%, to 31,458.4, the S&P 500 gained 18.45 points, or 0.47%, to 3,934.83 and the Nasdaq Composite added 69.70 points, or 0.5%, to 14,095.47.The small-cap index rose for the fifth week out of six full weeks this year. PayPal Holdings Inc rose 4.7% after several brokerages raised their price targets following the payments company’s investor day call a day earlier. Walt Disney Co reported a surprise quarterly profit.
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