QQQ - Markets Shrug Off Disappointing Payrolls Report As Vaccine Hopes Carry The Day
The team was joined this week by special guest Tim Murray, capital markets strategist at T. Rowe Price. Stock markets followed a banner month with more gains as coronavirus vaccine news outweighed concerns over rising cases, lack of new stimulus, and a disappointing nonfarm labor report. The S&P 500 (SP500), Nasdaq (COMP) and Dow Jones Industrial Average (DJI) hit record territory on Friday. Rates joined the party, as the 10-year Treasury yield neared the 1% level that has been a ceiling in previous bond selloffs. Winners & Losers Cyclical sectors were the winners. Cruise lines Carnival Corp (CCL) and Norwegian Cruise Line Holdings (NCLH) are up 11% and 10%, respectively, this week. The Boeing Company also saw gains, adding 9% as its 737 Max jet is set to return to service. Defensive sectors performed poorly. Shares of utilities companies lost ground as the Utilities Select Sector SPDR ETF (XLU) is
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Markets Shrug Off Disappointing Payrolls Report As Vaccine Hopes Carry The Day