The S&P 500 closed at a record high last Friday but it sure didn’t take an easy path in getting there.
Typically, when the S&P 500 makes a record high there isn’t too much drama involved. Well, that wasn’t the case this time around. During these past couple weeks, we have seen a rotation of pain. What do I mean by this? Well, there have been days when growth stocks have taken it on the chin.
There have been days when broad-based commodities have taken it on the chin, and there have been days when the reopening trade has taken it on the chin. For all the talk about record economic growth thanks to the reopening of the economy, you wouldn’t expect utilities and consumer staples to be two of the three best performing sectors thus far this month given their defensive characteristics and yet here we are.
For the week ahead we enter a new month. Why do I bring this up? Well, historically April has been one of the strongest months for stocks when looking at average monthly returns. So, let’s see if history repeats itself.?
For a more detailed market report head on over to our Insights page. Where there are some of the key economic data points to be released this week. Also, subscribe to our YouTube channel and check out some of our other social media pages.
This has been your Weekly Market Minute, and we’ll see you on Monday – prefer to listen or watch? Check out our video & audio formats below: