May 31 - June 4, 2021 Recap
Equities Rebound Second Week
The S&P 500 rose to within a whisper of its May 7 all-time high as Friday’s jobs data boosted recovery confidence while a pickup in wages (+0.5% M/M, +2% Y/Y) added to inflation concerns. Stocks began the holiday-shortened week fluctuating between small gains and losses amid worries over rising prices before bullish momentum returned to close out the week. The U.S. added slightly fewer jobs than economists projected while the unemployment rate fell more than expected. Altogether, the mixed data presented Wall Street with a Goldilocks view that Americans are returning to work but not at a pace that would prompt the Federal Reserve to pare back additional economic support.
For the Week...
The S&P 500 gained 0.64% last week, the Dow Industrials rose 0.66% and the tech-heavy Nasdaq Composite gained for a third straight week, rising 0.49%. In style performance, Small cap Value continues to outperform most, rising 1.8% last week versus its Growth (-0.38%) counterpart.
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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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