End On a High Note… We’ve seen some recent examples of just how jumpy investors are at these lofty heights (i.e. yesterday’s Pfizer scare / the 10-year yield’s quick bounce off .90% post-NFPs this morning) but in general the arrow continues to point higher for the market. Therefore it’s no surprise stocks are well in the green this afternoon as they put on display their ability to shrug off pretty much anything, including weaker than forecasted NFPs this morning. Ongoing stimulus talks of course make that shrugging even easier, and the “hope” springing from continued dialogue between Democrats and Republicans is helping to drum up the session’s risk-on tone. Value is back on top with Energy (crude still riding high off the OPEC+ agreement), Autos, and Banks all outperforming, but Semis are also crashing the party with several constituents (MU +5.8%, QCOM +4.5%) continuing their daily appearance son the 12-month relative high list. Utilities and Household good are lower as defensives underperform, while the USD has managed to slow its slide for today at least.
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