Archives of “February 25, 2021” day

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Poll shows analysts expect another (approx) 6% higher for the S&P500 this year

  
Analysis, US Market

Reuters polling on US equities, with the headline median forecast from 50 analysts showing

  • S&P500 expected to finish 2021 at 4,100
  • expected to be at 4,000 by end-June
And adds:
  • some strategists warning of a possible surge in inflation, many viewed a correction in stocks in the next six months as likely or very likely.
  • Progress in distribution of the coronavirus vaccine coupled with President Joe Biden’s proposed $1.9 trillion package for pandemic relief have boosted the outlook for the economy and earnings. 
Dow Jones industrial average
will finish this year at 32,970
Risks highlighted include:
  • inflation concerns
  • higher taxes as the economy accelerates
On higher yields:
  • “Higher bond yields aren’t turning us bearish on the year,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets …  “What the increase in yields does do, in our view, is provide another justification for rotation out of defensives and secular growth.”

US stocks close sharply higher. Dow industrial average closes at a record high

  
Analysis, US Market

Russell 2000 index rises by 2.38%

The major stock indices all closed sharply higher with the Russell 2000 of small-cap stocks outperforming with a gain of 2.38%. The Dow industrial average is closing at a record high of 31961.86. It reached an intraday all-time high of 32009.64.

A look at the closing levels shows

  • Russell index up 53.08 points or 2.38% at 22840.40
  • NASDAQ index up 132.77 points or 0.99% at 13597.97
  • S&P index up 43.98 points or 1.13% at 3925.35
  • Dow industrial average up 424.51 points or 1.35% at 31961.86. The all-time high reached 32009.64
A blast from the past – well a a few weeks ago – Gamestop trading was halted with the price up 103% to $91.
Although higher, the NASDAQ index fell short of reaching its 200 hour moving average at 13612.098. The high price reached 13607.36.  A move above that level would tilt the technical bias more to the upside in the intermediate-term. The price of the NASDAQ index tumbled close below the 200 hour moving average on Monday and open sharply lower on Tuesday testing the low price from January 29 and bouncing.  Today, the pair opened lower again, but moved higher through the day, and closed near the highs.
Russell 2000 index rises by 2.38%
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