The Long and Short of it, week ending 05 Feb 2021

Publication Type: Market Commentaries

Week in review:

U.S. stock markets moved higher last week with both the S&P 500 and Nasdaq Composite Indexes reaching new record highs. Steps taken by the Democratic controlled House and Senate set the stage for passage of a $1.9 trillion coronavirus relief package were the primary reasons for last week’s gains. Strong earnings reports in tech and energy and material stocks and a slightly better than-expected employment situation report also helped move stock markets higher. Increased expectations of the passage of the $1.9 trillion stimulus package also acted to move 10-year Treasury rates higher and helped subdue the strengthening of the U.S. dollar. At week’s end the S&P 500 Index increased 4.7% to 3,886.83, the Nasdaq Composite Index rose 6.0% to 13,856.30, the 10-year U.S. Treasury rate increased 11bps to 1.17% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.5%

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The Long and Short of it, week ending 05 Feb 2021

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