|Weekly and Year-To-Date Performance|
|INDEX||12/31/2020||02/05/2021||02/12/2021||% Change Week||% Change YTD|
|Dow Jones Industrial Average||30,606.48||31,148.24||31,458.40||1.00%||2.78%|
|Russell Mid-Cap Index||2,743.05||2,885.54||2,966.72||2.81%||8.15%|
|Russell Small-Cap Index||1,974.85||2,233.33||2,287.48||2.42%||15.83%|
February 12th, 2021
Dear Friends –
The equity markets finished the week with modest gains and at new record highs for the headline indexes. For the week the Dow, S&P and the Nasdaq gained 1.0%, 1.23% and 1.73% respectively. The Russell Mid-Cap, Small-Cap and MSCI EFEA indexes added 2.8%, 2.42% and 2.14% respectively.
Stocks opened the week with solid gains Monday with the Dow and S&P booking their sixth straight day of gains. All three major indexes closed at record highs. Shares of the airlines moved higher on the day as the latest stimulus plan includes funds for the industry. Shares of United, Delta and American gained 5.2%, 5.1% and 3.4%. Ten of the 11 S&P sectors closed higher led by energy and financials up 4.17% and 1.2%. The Dow closed up 238 points or 0.76%, at 31,386. The S&P and the Nasdaq added 0.74% and 0.95%. Crude oil prices gained 2% to close at just over $58 per barrel. The 10-year Treasury note was off about one basis point yielding 1.16%.
The markets finished mixed but with little change Tuesday. The Dow and the S&P fell slightly to snap their six-day winning streaks, while the Nasdaq ticked higher to close at another record high. The Russell 2000 Small-Cap index also moved higher continuing its run to reach another all-time high. The small-cap benchmark is now up 16% year-to-date. Six of the 11 S&P sectors finished higher led by real estate and communications services. Energy and materials led on the downside. The Dow closed down 10 points or 0.03%, at 31,376. The S&P was off 0.11% and the Nasdaq added 0.14%. Crude oil prices rose 0.67% settling at $58.36 per barrel, its highest level in 13 months. Treasury yields were nearly unchanged.
Stocks closed mixed again Wednesday. The major indexes traded back-and-forth around the unchanged mark with the Dow closing up after Fed Chairman Powell said that more stimulus is needed to help the economy. Six of the 11 S&P sectors closed lower led by consumer discretionary and materials down 0.94% and 0.2%. The energy sector led on the upside with a gain of 1.84%. The Dow finished up 62 points or 0.2%, at 31,438. The S&P and the Nasdaq were off 0.03% and 0.25%. Crude prices rose for the eighth straight day adding 0.55%. Yields moved lower with the 10-year closing down three basis points at 1.13% following latest consumer price index reading that showed inflation remaining in check.
The markets continued to drift Thursday finishing mixed yet again. The energy sector reversed course falling 1.5% as oil prices fell for the first time in nine days. Seven of the 11 S&P sectors closed lower led by energy and utilities with losses of 1.52% and 0.72%. The technology sector led on the upside on strength in the semiconductor as shares of Applied Materials and Intel gained 6.7% and 3.1%. The day’s economic news continued to show weakness in the labor market as weekly jobless claims came in higher than expected with 793,000 claims last week. The Dow finished off seven points or 0.02%, at 31,431. The S&P and the Nasdaq gained 0.16% and 0.38%. Crude prices fell 1.2%. The benchmark 10-year Treasury note ended three basis points higher yielding 1.16%.
Stocks closed with modest gains heading into the long holiday weekend Friday. All three of the major indexes finished at record highs after a strong start to the month. Nine of the 11 S&P sectors closed higher led by energy, materials and financials with gains of 1.5%, 1% and 0.95%. Utilities and real estate were the only two sectors to close lower. The Dow closed up 37 points or 0.09%, at 31,458. The S&P and the Nasdaq added 0.47% and 0.3%. Treasury yields moved higher to end the week with the 10-year Treasury note gaining just over four basis points to settle yielding 1.205%. Crude prices bounced back rising 2.3% to settle near $60 per barrel.