Like Chumbawamba… The S&P keeps getting knocked back below 3,000 only to get up again. With the headlines on reopening, vaccines, and stimulus all continuing to move in the right direction, it’s felt inevitable the index would recapture its 200-DMA and the psychological milestone, yet the task has proven to be a pesky one. US-China barbs are partially to blame, as well as Tech having gone from poster child to problem child, with NYFANG -1.6% (funny how quick some are to label the sector a “drag” after all it’s done to contribute to the rebound!). Value still enjoying the spotlight suggests optimism around the path of the economy remains – the release of the Fed Beige Book later this afternoon should add some more color to the question as well.
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