Recently as the country reopens, arizona has been easing lockdown restrictions over the weekend on salons and on restaurants. The mayor of scottsdale will join us. Kelly, back to you as you mentioned, tech stocks are out performing today once again as the market climbs back toward record highs but a number of other sectors have been left in the dust. Bob is here with more. Bob. Lot of disparities out there. Its not everybody up. I want sthto show you the s p 5. Were trying to breakthrough multimonth highs. The s p 500 moved up off of that if you want to keep an yien that because were knocking on the door there of breaking out here. I mentioned the laggards efb says the s p is only 12 off the highs. Bank stocks have had a very ugly time 40 off of their recent 52week highs. We have seen energy stocks, 30 off of their 52week high. Theres been a lot of sector laggards out there industrials 25 . Reits, 24 cyclicals all lagging here out performers, mostly lets call them defensive names. Cons
Thinnest of reeds which is why the averages were able to war today. The dow which gained 470 points, s p advancing 2. 28 . Its hard to find a positive button house of pleasure the nasdaq gaining 1. 72 . All right, what happened okay, this morning President Trump told us hes brokering a deal between russia and saudi arabia so theyll stop flooding the world with oil that will help the price of crude to rebound back to the 20s and trigger a short rally in the stock market. One that couldnt be taken down by the shroud of gloom even as the shroud kept trying to take it down. Intermittently until being ripped from the markets rarely bullish face buy, buy, buy yep, we live in a bizarre world where wall street can momentarily overlook the fact that 6. 6 million americans filed for Unemployment Insurance last week a mindblowingly horrible record breaking number. Instead, we briefly able to accentuate the positive. It might not collapse, saving billions of bad loans and preserving Energy Indepen
The opening 20 minutes or so from now we are positioned for a higher stock market at that 9 30 mark europe has been open for some time and over there it is also been largely a positive day so far. You can see germanys dax of course and france the best performer. The 10year note yield so much of a focus yesterday as it same close to the 2. 9 not sure we ever got there were above it now thousand. Yesterday we flowed 2. 89, 2. 915 and stocks dont see particularly concerned wti is down though, higher than it was this time yesterday this morning stocks are looking to extend their daily winning streak, five all three indexes gained more than 1 yesterday shrugging off the stronger than expected cpi after what was a sharp decline early in the session and inflation data out this morning shows Producer Prices rose. 4 in january. That was matching forecast now the core rate minus food and understand also up 4 . That was twice what many economists had been expecting. What a difference a day makes.
The small one. Im talking about the doomsayers and insentence that were going to get crushed if we own stocks here even with another sedate session. Dow advanced a little bit, nasdaq declined. 48 i hear this every day. Read article in the paper this morning, smart young fellows doing the short thing. Market is up too big, too expensive. Got to go down really reveltory stuff if north korea fires icbm, that cassandra is dead right. No argument there. Existencial crisis issue there was talk that Nuclear Power fallout couldnt be contained and parts of china wiped out. Trading during chernobyl, and people exiting stocks because of the kiev cloud they thought heading their way. Not drinking milk until late next year. Thermonuclear war would send the stock market down. Any bull left standing looks like idiot but living through that im inclined to stay the course why . Why can i come out on day like today and shrug off the losses in the buddies including apple first the checks are in the mail
Bullish like the one of we had today, 174 points. S p 50012. 67 and nasdaq at a new high. I tend not to like those figures as indicators, spoonfed. That doesnt change the fact this is what investors really care about. However, there are a couple of joyous weeks every quarter their collective results control the allegation of trading, they sent the tapestry and mosaic and service the evidence how companies are doing and how their stocks are performing and how weak the economy might be. Before i go to the micro that influenced companys action today. I need to give a nod to the winds that allowed this bullish fire to rage. They came in at a two month old and technically oversold. The financials one of the highest in the market. Theres so much worry about the upcoming French Election on sunday. Third treasury, secretary steve mun nu shan predicted we get meaningful tax reform this year due to the looming debt ceiling stalemate. You consider the government had become a real drag on the mark