Saturday, 14 Nov 2020 08:36 AM MYT
Walt Disney Co also rose as its rapidly growing streaming video business, and a partial recovery at its theme parks tempered its quarterly loss. Yesterday's outperformance of more economically sensitive cyclical sectors including energy, real estate and industrials over growth sectors like technology was a clear indication of “optimism around the economy” said Tom Martin, senior portfolio manager at Globalt Investments in Atlanta.
State Street's Arone said the aversion to a full lockdown likely cheered up some investors but that optimism may be overdone. He cited Fed official warnings about the potential economic damage rising virus cases could do without a fresh economic stimulus package in sight. The tech-heavy Nasdaq, however, showed a 0.6 per cent decline for the week as investors booked profits in technology stocks, which have benefited from a stay-at-home environment.