February 8 - 12, 2021 Recap
Back-to-Back Weekly Gains
U.S. stocks advanced a second week as investors cheered progress for additional fiscal stimulus with House Democrats approving $1,400 direct payments for most Americans. Energy was the best-performing sector for a second week, benefiting from freezing temperatures across most of the country including the South, sparking a rally in oil prices. Utilities lagged as electricity suppliers from North Dakota to Texas were forced to impose demand-limiting rolling power cuts to prevent the collapse of their network grids.
For the week, the S&P 500 gained 1.28%, the Dow Industrials tacked on 310-points (+1.00%) and the tech-heavy Nasdaq Composite advanced 1.74%. The small cap-focused Russell 2000 performed best last week, extending gains by 2.54% to top 16% YTD.
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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