Growth-y tech stocks, historically boring utility stocks, gold, copper, bonds, you name it. Everything has been going up. A slate of weakening economic indicators, paired with strengthening company results, seem to be helping investors visualize a soft landing scenario. After gaining 0.3%, or 134 points on Friday, the Dow Jones Industrial Average closed above 40000 points for the first time. The S&P 500 rose 0.1%, while the Nasdaq Composite shed 0.1%, which leaves both indexes just shy of the record highs they hit on Wednesday. The 10-year Treasury yield ticked up, ending the week at 4.419%.
All three indexes are in solid green territory so far this month, led by the Nasdaq Composite, which is up 6.6% month to date. The Dow and the S&P 500 have gained 5.3% and 5.8%, respectively. Among the top performers in the S&P 500 was Freeport McMoran, which rose 4.2%. The company mines copper and gold, both of which have been in high demand lately. Another standout was insurer Chubb, which gained another 3.6% on Friday. This adds to the boost the stock already got on Thursday after it emerged that Berkshire Hathaway has been buying up the company's shares.
Since 1976, Perry Ellis has made versatile, of-the-moment clothes for the modern man. Founded by award-winning fashion design icon, Perry Ellis, the brand’s ethos remains unchanged - they create elevated, yet timeless fashion, made for the way people work, live, and play. Learn More
For years, the privately run Medicare Advantage business generated outsize profit growth for health-insurance giants. But the gold rush is over for investors, at least for now. After years of reports, lawsuits and whistleblower accounts accusing big insurers of gaming the system and overcharging the government, the Biden administration has made a series of policy changes that have negatively affected what the plans get paid. Meanwhile, a post-Covid surge in seniors’ medical costs caught insurers by surprise. Read More
The eurozone economy is growing nicely after a long period of underperformance relative to the U.S. Not all countries are doing equally well, but unlike in the past it is the eurozone’s industrial core, namely Germany, that is now lagging behind less-wealthy countries in southern Europe. Whereas German gross domestic product is only 0.3% larger than before the pandemic, Portugal, Italy and Spain have grown 6.1%, 4.6% and 3.7%, respectively, FactSet data shows. Can the PIGS take over as the leaders of European growth? There are reasons to be skeptical. Read More
Comments
Post a Comment