Within distance – It’s been a great week for stocks and the broader indexes are getting close to hitting new highs. If markets get a late push (anything can happen in the last 15 minutes), both the Russell and SPX could eclipse their previous bests. All sectors are in the green, with Energy (shrugging off Oil weakness) in the top spot. Banks are also trading well today, with the BKX up 2.16%. Retail is the laggard, held back by Etsy (-1.3%) and Amazon (-52bps). The WFH beneficiaries (including mega tech) are actually trading lower (Zoom -10%, Peloton -6.7%, Wayfair -5.2%), but that impact is not making it to the indexes. If indexes close at current levels, the S&P will finish +1.7% for the week, Nasdaq -1.07%, and Russell 2K +5.3%. A new trend forming there?
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