Friends
The bulls were able to build on the momentum that we saw at the close yesterday and push stocks higher to end the week. It was a mixed bag of winners and losers with no real discernable theme. Yes, the reopen stocks did pretty good, but so too did the lagging pharmaceutical names and retailers.
By the close, the Dow Jones Industrial Average was up 453 points to finish the day at 33,072. The S&P 500 was up 65 points to close at 3,974. The Nasdaq Composite Index was up 161 points to close at 13,138. Gold was up $5 to trade at $1,731 per ounce, while oil was up $2.19 to trade at $60.75 per barrel WTI.
Since the air was let out of the wild growth names (Peloton down 35%, Zoom 43%, Shopify 27%, DocuSign 32% from their highs and many more), and wild SPACS (Palantir down 43%, Churchill Capital down 63% from their highs) the rest of the market has had a bit of a renaissance. Some of those huge winners from last year will end up being great companies with great businesses, but even those will likely have to grow into their share prices as did Microsoft and Cisco decades ago. In the meantime, long forgotten, less sexy corners of the stock market have finally seen the light of day. Makes us old timers feel a little more appreciated.
Have a great weekend everyone.
