March 1 - 5, 2021 Recap
Technology Extends Selloff
U.S. stocks rallied back on Friday from steep intra-week losses as bond yields climbed while a stronger-than-forecast January jobs report reignited optimism for a quick economic recovery. All three major domestic equity averages bounced off their lows as bond yields retreated from their session highs. Following the payrolls data, the 10-year Treasury yield eased back to 1.55% after briefly reaching above 1.6%.
Bifurcated Weekly Performance
For the week, the S&P 500 gained 0.84%, the Dow Industrials advanced 1.82%, while the tech-heavy Nasdaq Composite fell 2.05% after retreating 4.9% the week prior. The small cap-focused Russell 2000 slipped 0.38% after a 2.9% drop the previous week. Large cap Value stocks gained 2.64%.
The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.
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