April 5 - 9, 2021 Recap
Stocks Climb Third Straight Week
The S&P 500 extended gains into a third week, its longest winning streak since February 5 and finished Friday at its 20th new all-time-high this year. Upside highlights included a resurgence in large cap technology stocks as Treasury yields eased off their recent 14-month highs. Inflation concerns eased after Fed Chairman Powell reiterated that the central bank is in no rush to raise rates anytime soon and will keep its money asset purchases in place for as long it takes to complete the recovery.
Nasdaq Composite Outperforms
For the week, the S&P 500 advanced 2.76%, the Dow Industrials climbed 1.95% and the Nasdaq Composite Index surged 3.13%. The technology-concentrated Nasdaq Composite is still 1.5% below its February record close. The Cboe VIX Volatility Index slipped to its lowest level in 14 months – yet at 17, it remains elevated against its 14.9 seven-year average just ahead of the 2020 pandemic.
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.
Want more insights like this, sent straight to your inbox?
Subscribe to email updates from Cetera and be well informed about what’s happening within the market and the financial services industry overall.