Friends
It was another trading day with wide divergences. Boring, stodgy staples and financials were the winners (and have been for a lot of 2021) while sexy go-go growth names continue to struggle. Well, struggle might be a kind term when you consider last year’s darlings and how they have performed lately. Two examples, and not to pick on them only, are Zoom and Peloton. Both were Covid-19 stalwarts, and very fine companies. But Zoom shares have fallen from about $588 to about $293, while Peloton shares have fallen from about $171 to $84 per share. Again, fine companies but perhaps they got a little ahead of themselves.
Anyway, for the day the Dow Jones Industrial Average was up 318 points to close at 34,548. The S&P 500 was up 34 points to finish the day at 4,201. The Nasdaq Composite Index was up 50 points to close at 13,632. Gold was up $30 to trade at $1,814 per ounce, while oil was down $.79 to trade at $64.84 per barrel WTI.
The Dow continues to outshine the other indices and it will be interesting to see if growth stocks can stage a comeback or are they a bit done for now. We get the non-farm payroll number tomorrow so let’s see how the week wraps up.
Have a nice evening everyone.
