Wall Street heads for 2nd weekly gain; markets see historic highs

On Friday, the major stock indexes continued to rise for the second week in a row, despite an early dip.

On Friday, the S&P 500 rose slightly, mainly due to gains in financial and materials stocks. Awaiting news on the next round of fiscal aid, investors were just as anxious.

Value stocks outperformed large-cap growth stocks as investors looked for names that would benefit from a reopened economy.

Main stock indexes opened lower, with heavyweights Apple Inc, Tesla Inc, and Amazon.com Inc. weighing down their respective sectors’ performance.

It is claimed that the recent decline in new coronavirus cases and hospitalizations has pushed the market to new highs.

New Jersey Cherry Lane Investments’ Rick Meckler says low interest rates, stimulus, and an improvement on the coronavirus front are encouraging investors to stay on the market and buy more.

Although new coronavirus variants and potential bumps in the distribution of the Covid-19 vaccine have many analysts concerned about a near-term pullback.

While the Nasdaq recorded 307 new highs and 22 lows, the S&P 500 only had 47 fresh 52-week highs, according to Friday’s reports.

(With the assistance of various government agencies)

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