Most of the week's market gains occurred on Monday's session, which was then tailgated by four trading days of nearly sideways price movement. The small-cap Russell 2000 bettered once again with a respectable 2.5% gain, the heavily loaded tech Nasdaq Composite index advanced 1.7%, the broad S&P 500 index increased 1.2%, and the DJI Average expanded by 1.0%. All indices set intraday and close highs record in this weekly session.
The market continued to be supported by a FOMO (Fear Of Missing Out) on further accruals, the enthusiasm surrounding another stimulus measure, much better-than-expected earnings announcements, and expanding COVID vaccination quotas, and presumably decreasing infection and hospitalization ratios.
Also, U.S. Treasury Secretary Yellen stated that the US economy could attain full employment by 2022 if a fiscal stimulus proposal is passed, and Federal Reserve Chair Powell repeated that interest rates would continue to be near zero until the central bank reaches its dual mandate of 2.0%+ inflation rate and max employment over time.
The small-cap, energy, and micro-cap stocks witnessed significant gains as risk sentiment widened. The vital S&P 500 energy sector surged 4.3%, and the iShares Micro-Cap ETF climbed 3.9%. However, the PHLX Semiconductor Sector Index was the biggest gainer with a hefty 7.9% gain amid very bullish market analyst commentary encompassing NAND flash memory prices and a lingering acknowledgment that the production industry is inundated with demand.
On the other hand, the utilities sector posted -1.8%, the consumer discretionary sector print -1.3%, and the consumer staples sector placed -0.1% results and were the lonesome holdouts this week's session. Separately, the Ten-year yield improved three basis points to close at 1.2% amid an uptick in selling interest.
Asia-Pacific region stock market industry was trading mostly higher in the shortened holiday week. The mainland Shanghai Shenzhen CSI 300 Index surged to an all-time high, whereas the rising sun’s Nikkei 225 Index soared to its highest level in over three decades.
The eurozone market was mixed. Germany and Spain lost some ground, while Italy managed to drive higher as Super boss Mario Draghi built a national unity government. United Kingdom stocks were also higher following reports that Britain’s actual GDP (gross domestic product) was much more robust in the Q4 of the last year than estimated.
With all this news! What a week for cryptos! Tesla converted 1.5 billion dollars of its cash reserves in bitcoin, MasterCard is willing to accept cryptocurrency as a means of payment, BNY Mellon reportedly announced it would transfer, hold and issue a cryptocurrency for its asset-management patrons, and the mayor of Miami wants to turn his city into a genuine bitcoin-hub. Bitcoin almost reached $49,000, and Ethereum also reached an all-time high this week - $1,800.
This article was printed from TradingSig.com