Stock market today
Another mixed close today for the US stock market. Major stock indices were little changed, but small-cap stocks outperformed. The closing numbers for the US stock market today are:
S&P 500: 3,906.71,-7.26(-0.19%)
Dow 30: 31,494.32,+0.98(+0.00%)
Russell 2000: 2,266.69,+48.30(+2.18%)
Stock market news
“Stocks closed out Friday’s session mixed at the end of a choppy week for equity trading.
The three major indexes erased earlier gains to end near the flat line, with the S&P 500 slightly lower and the Nasdaq and Dow slightly positive. The S&P 500 logged its first weekly loss in three weeks, drifting lower after a rally to start off February. The index also dropped for four consecutive sessions in its longest losing streak since mid-December. The Nasdaq outperformed against the other two major indexes for the first time this week, as investors over the past several sessions extended a rotation into cyclical stocks and away from some high-growth tech names.
“While performance breadth has increased, our work shows that the dispersion of individual stock returns has been on the rise and the direction and movement among S&P 500 stocks have become more independent,” BMO Capital Markets strategist Brian Belski wrote in a note Thursday. “This combination of rising performance dispersion and falling intra-stock performance sets up an environment that is conducive for potential alpha generation and one that should favor stock selection, in our view.”
Though the major equity indexes have drifted lower these past few sessions, they have still held near record levels as optimism over a strong economic recovery continues to fuel a risk-on mood. The S&P 500 remains less than 1% below its recent all-time high. And Treasury yields have also climbed amid optimism over a firming economic backdrop, and jumped to a fresh one-year high of more than 1.35% on Friday.
Developments around the virus have been encouraging after a post-holiday spike. New COVID-19 cases, hospitalizations and deaths have abated in recent weeks, and the number of new cases per day has averaged 77,665 over the past week, for a drop of 43% from the average of the two weeks prior, according to New York Times data. And an analysis from Bloomberg on Thursday showed that the U.S. vaccine supply is poised to double from the current rate of 10 million to 15 million doses per week within the next few weeks, allowing more shots to be given in the near-term.”