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The U.S. Stock market ended the week with gains following the massive sell-off Thursday.
The change of fortune is partly due to the February job reports that showed a 128.3% job growth in February, which may translate into a faster recovery for the U.S. economy. U.S. Nonfarm Payrolls rose to 379,000, up from 166,000 last month, a whopping 128.3% growth.
While Friday’s close is positive, we reaffirm our view that the stock market is in the middle of a stock rotation from stocks that benefited most from the pandemic to those shunned during the pandemic, which are now attractive buying opportunities. Periods of volatility will remain for the coming weeks as balance in the market is achieved.
Wall Street summary for March 5, 2021,
- The Dow Jones Industrial Average closed at 31,496.30, up 572.16 points, or 1.85%.
- The Standard & Poor’s 500 closed at 3,841.94, up 73.47 points, or 1.95%.
- The Nasdaq Composite Index closed at 12,920.15, up 196.68 points, or 1.55%.
- The Birling Capital Puerto Rico Stock Index closed at 2,295.96, down 1.04 points, or 0.05%.
- The U.S. Treasury 10-year note closed at 1.56%
- The U.S. Treasury 2-year note closed at 0.14%.