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S&P 500 Closes at Record High as Bulls Pile In Ahead of Long Weekend

Stock MarketsFeb 12, 2021 04:09PM ET
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© Reuters

By Yasin Ebrahim

Investing.com – The S&P 500 racked up gains into the close to end at a record high Friday, on a rebound in cyclicals like energy and financials from weakness a day earlier and gains in tech ahead of the three-day weekend in the U.S.   

The S&P 500 was up 0.49% to close at record 3,935.35. The Dow Jones Industrial Average rose 0.09%, or 27 points, while the Nasdaq Composite added 0.50%.

Energy clawed back some of its losses from a day earlier to remain on track to end the week in the green as oil prices jumped 2% despite some analysts reiterating expectations for oversupply pressure to weigh on energy prices.

"The IEA’s forecast confirms our assessment of the oil price this year – due to the oversupply we expect Brent to dip below $50 per barrel again in the second quarter, partly because we do not share the current demand euphoria in view of the additional restrictions and changes in consumer and travel behaviour," Commerzbank (DE:CBKG) said.

Cabot Oil & Gas (NYSE:COG), Hess (NYSE:HES), and Halliburton Company (NYSE:HAL) were among the biggest gainers, with the latter closing up nearly 4%.

Financials also participated in the broader climb in cyclicals, with bank stocks in the ascendency led by a 2% gain Wells Fargo (NYSE:WFC) thanks to ongoing expectations for stronger stimulus-led recovery that has boosted U.S. bond yields.

The recent jump in bond yields, however, has stoked some investor concern about whether rising rates will siphon away investment dollars from stocks. But experts stress that it is too early as yields still remain well off their prior year highs.

"If you think about where the rates have been over the past four decades … They have been on a continuously downward trajectory and from an investor's point of view if you're looking to add something that can generate income into your portfolio, you don't get a whole lot from that market [bonds] just yet," Johan Grahn, Head of ETF Strategy at Allianz (DE:ALVG) Investment Management said in an interview with Investing.com.

The mostly positive session for cyclicals comes as the last wave of earning continue to trickle through.

Walt Disney (NYSE:DIS) reported a surprise profit as the fall in revenue from its theme parks and experiences business was not as bad as many had feared, while its subscriber business continued to strengthen. Its shares fell more than 1%.

Expedia (NASDAQ:EXPE) reported earnings and revenue that fell short of expectations as the pandemic drag on gross bookings continued.

In other news, casino stocks were in the spotlight after new guidance from the state of Nevada said it bars and restaurants would be able to 35% from Monday, sending Wynn Resorts (NASDAQ:WYNN), Caesars (NASDAQ:CZR) and MGM Resorts (NYSE:MGM) higher.

U.S. makers will be closed to observe President's Day on Feb. 14.

S&P 500 Closes at Record High as Bulls Pile In Ahead of Long Weekend
 

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Comments (11)
michael engel
michael engel Feb 12, 2021 7:58PM ET
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1) VIX on the beach in a spring break. 2) SPX weekly, a tiny bar, quarter the size of the previous bar on almost equal volume.  4) SPX weekly, a strong 3 bars Bearish Divergence, to be confirmed next week.
Chris Roberts
Chris Roberts Feb 12, 2021 6:52PM ET
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I guess stonks really do only go up. FML
The Chad Bull
The Chad Bull Feb 12, 2021 6:23PM ET
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10 year bond yield... look out below massive crash coming
Michael Angelo
Michael Angelo Feb 12, 2021 5:23PM ET
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Like that everybody is not only in but thinks that is bulletproof. If nobody sells the new money is just stimulus and leverage. Later what..
Mitchel Pioneer
Mitchel Pioneer Feb 12, 2021 4:57PM ET
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Another miracle in late trade for the biggest investment JOKE in the world.
Turi Ciolla
Turi Ciolla Feb 12, 2021 4:51PM ET
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I agree with total FOMO moment. Good economic news are good. Bad economic news are good because of more financial help. Wednesday and Thursday selling probably tested the market reaction: still bulls were present at those levels.Technically a correction (3-5% down) is needed to go up at 4000. 3940 can be a spike before the correction. Last spike? Really do not know
John Patrick
John Patrick Feb 12, 2021 4:46PM ET
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Always Bull taking breather, Bulls pile in....perhaps bears are taking a breather today...
Amine Fourali
Amine Fourali Feb 12, 2021 4:43PM ET
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Fomo forever
MK MK
MK MK Feb 12, 2021 4:40PM ET
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I am just curious: who is that silly to buy US few years notes? USD becomes toilet paper with all those ponzi
Paul Dougherty
Paul Dougherty Feb 12, 2021 4:40PM ET
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only the fed...
Paul Dougherty
Paul Dougherty Feb 12, 2021 4:40PM ET
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Only the fed.
shokrollah amini
shokrollah amini Feb 12, 2021 4:28PM ET
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Do you think the market trend in the new week will be downward or upward?
Michael Garrett
Michael Garrett Feb 12, 2021 4:18PM ET
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powell is gonna party hard now that his mission is accomplished. VIX under $20 and more money for the rich!
shokrollah amini
shokrollah amini Feb 12, 2021 4:18PM ET
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Hi michael, Do you think the market trend in the new week will be downward or upward?
Michael Garrett
Michael Garrett Feb 12, 2021 4:18PM ET
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shokrollah amini lol upward forever
 
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