Cyclical sectors that benefit from an improving economy are expected to continue to gain alongside high-flying tech names, and that should help give the bull market sturdier legs for its run higher.
Those groups, like energy, financials and materials, surged on Monday and Tuesday after Pfizer announced its Covid-19 vaccine is more than 90% effective and could be broadly available next year. Tech and momentum names initially lagged on the news, but bounced back Wednesday as the cyclical, value trade took a breather.
Analysts said it's still early in the value trade, but they expect it to persist as investors look forward to a broader reopening of the economy in the coming year, and consumers should return to normal activities like travel and shopping in stores.
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Pro Mkt needs large tech to move higher and I think that won’t happen. Cyclicals could rally but that doesn’t mean the index goes higher from here. Tech needs to cool off for a bit before joining the party.
Pro this is terrible news
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Big Tech leads stocks mostly higher on vaccine hopesU.S. stocks drifted mostly higher Wednesday, closing near all-time highs on a rebound in technology stocks as signs of a COVID-19 vaccine sparked hopes of a quicker-than-expected economic recovery. thanks for this news Trump took credit. Then we see that the CEO cashed in $5.5 million in options. Doesn't exactly inspire confidence. If he believes in the vaccine shouldn't stock value be higher after he saves the world?
Source: USATODAY - 🏆 100. / 63 Read more »