| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3854 Registered: 05-2011 Rating: N/A |
Closing Stock Market Summary The major indices declined modestly on Friday amid some slippage into the close, but still wrapped up 2021 with double-digit percentage gains. The Nasdaq Composite fell 0.6% amid weakness in the mega-caps, while the S&P 500 (-0.3%), Dow Jones Industrial Average (-0.2%), and Russell 2000 (-0.2%) closed slightly lower. There weren't any specific catalysts today, but the underperformance of the mega-caps suggested there was some year-end rebalancing activity in the mix. Some of that activity likely happened into the close, as the relatively weak finish coincided with an increase in trading volume. Six of the 11 S&P 500 sectors closed higher while five closed lower. The consumer staples sector (+0.7%) was the only sector that gained more than 0.5%, while the communication services sector (-1.2%) declined more than 1.0%. Illustrating the year-end activity, the Vanguard Mega Cap Growth ETF (MGK 260.76, -1.55) declined 0.6% today and ended the year with a 28.0% gain -- roughly equal to the 27.6% gain in the Invesco S&P 500 Equal Weight ETF (RSP 162.75, unch). Pfizer (PFE 59.05, +0.65, +1.1%) outperformed amid news that its oral antiviral for COVID-19 was approved by UK regulators for people with mild-to-moderate disease and that Israel will offer a fourth coronavirus vaccine to nursing home residents. The Dow Jones Transportation Average (+0.6%) was another an area of relative strength, particularly the non-airline components like Norfolk Southern (NSC 297.71, +2.98, +1.0%) and CSX (CSX 37.60, +0.28, +0.8%), which set record highs. The Treasury market had an uneventful, abbreviated session. The 2-yr yield decreased one basis point to 0.73% (+61 bps in 2021), and the 10-yr yield was unchanged at 1.51% (+59 bps in 2021). The U.S. Dollar Index decreased 0.4% to 95.63. WTI crude futures fell 2.2%, or $1.70, to $75.15/bbl (+55.7% in 2021). Investors did not receive any economic data on Friday. Looking ahead, investors will receive Construction Spending for November on Monday. S&P 500 +26.9% YTD Nasdaq Composite +21.4% YTD Dow Jones Industrial Average +18.7% YTD Russell 2000 +13.7% YTD |