|Weekly and Year-To-Date Performance|
|INDEX||12/31/2020||04/01/2021||04/09/2021||% Change Week||% Change YTD|
|Dow Jones Industrial Average||30,606.48||33,153.21||33,800.60||1.95%||10.44%|
|Russell Mid-Cap Index||2,743.05||2,996.90||3,044.47||1.59%||10.99%|
|Russell Small-Cap Index||1,974.85||2,250.25||2,243.73||-0.29%||13.62%|
April 9th, 2021
Dear Friends –
The equity markets finished the week with the headline indexes near record highs as nearly all the major indexes closed with gains. For the week the Dow, S&P and the Nasdaq rose 1.95%, 2.71% and 3.12% respectively. The Russell Mid-Cap and MSCI EAFE indexes added 1.59% and 1.48%, while the Russell Small-Cap index fell 0.29%.
Stocks surged higher to open the week Monday following Friday’s impressive jobs reports. The Dow and the S&P 500 climbed to new highs on the news. The economy added 916,000 jobs in March and the overall unemployment rate dropped to 6%. In other economic news the ISM purchasing manager’s index reading rose to 63.7% last month, which is a new record high. Ten of the 11 S&P sectors finished with gains led by consumer discretionary, communications services and technology up 2.28%, 2.27% and 2.02%. The Dow closed up 374 points or 1.13%, at 33,527. The S&P and the Nasdaq added 1.44% and 1.67%. Treasury yields fell with the 10-year Treasury note closing down at 1.714%. Crude prices finished down over 4%.
The markets closed with modest losses Tuesday on weakness in technology and industrials. The Dow reached a new intra-day high in early trading but pulled back following a report from the Bureau of Labor Statistics that showed an increase in job openings in February that exceeded expectations. Five of the 11 S&P sectors closed lower led by technology, healthcare and industrials with losses of 0.38%, 0.36% and 0.27%. Utilities led on the upside with a gain of 0.53%. In other news the International Monetary Fund raised its forecast for U.S. growth in 2021 up to 6.4% from 5.1% and said the economy will grow at a 4.4% clip in 2022. The Dow closed down 97 points or 0.3%, at 33,430. The S&P and the Nasdaq were off 0.1% and 0.05%. The 10-year Treasury note was off two basis points to settle yielding 1.65%. Crude prices rose just over 1% to settle at $59.33 per barrel.
Stocks closed mixed Wednesday with the S&P 500 reaching a new high as growth led blue-chips higher. Five of the 11 S&P sectors closed higher led by communications services and technology with gains of 0.72% and 0.54%. Shares of headline technology leaders Facebook, Amazon, Apple and Alphabet gained 2.23%, 1.72%, 1.34% and 1.12%. The more cyclical leaning materials and industrial sectors led on the downside falling 1.75% and 0.44%. The minutes from the most recent Fed meeting showed the committee members acknowledging signs of the economy rebounding as well as signs of inflation picking up, while reinforcing the intention to remain in an accommodating stance for as long as it takes. The Dow finished up 16 points or 0.05%, at 33,446. The S&P added 0.15% and the Nasdaq was off 0.07%. Treasury yields ticked higher with the 10-year note up about two basis points at 1.672%. Crude prices added 0.7% to settle at $59.77 per barrel.
The markets finished to the upside Thursday as growth returned to form. The technology laden Nasdaq led the major indexes higher Apple, Netflix and Microsoft gained 1.92%, 1.39% and 1.34%. Six of the 11 S&P sectors were higher led by technology and consumer discretionary with gains of 1.42% and 0.48%. Comments from Fed Chairman Powell reiterated that they feel the economy still has a lot of ground to regain to recover from the pandemic and while prices are rising, they feel they have the tools to deal with inflation. Weekly jobless claims came in well above expectations with 744,000 claims last week versus estimates of 694,000. The Dow closed up 57 points or 0.17%, at 33,504. The S&P and the Nasdaq gained 0.42% and 1.03%. Treasury yields fell on the unemployment claims data with the 10-year closing down five basis points at 1.62%. Crude prices fell 0.3% on reports of falling inventory levels and rising gasoline stockpiles.
Stocks rose heading into the weekend Friday with the Dow and S&P finishing at record highs. Eight of the 11 S&P sectors closed with higher led by healthcare, consumer discretionary and industrials with gains of 1.16% 1.16% and 1%. Energy and utilities led on the downside falling 0.5% and 0.07%. In economic news prices at the wholesale level rose just 0.1% in March, well below the consensus estimate of 0.4%. The annual number over the past 12 months showed prices rising 4.2%, which was the biggest annual gain in nine years however. Bond yields moved higher following the news with the 10-year Treasury note closing up about four basis points yielding 1.66%. The Dow closed at the highs of the session up 297 points or 0.89%, at 33,801. The S&P and the Nasdaq added 0.77% and 0.4%. Crude prices fell on over-supply concerns falling almost 0.4% to settle at $59.35.