Dow Jones on his way to 30,000
Tech Stocks Mania is driving the indices high up.
Like a late-breaking racehorse, the mega-cap sectors are gaining ground against the leading cyclical stocks, propelling the broader market up. The S&P (SP500) + 1.1% is nearing its highs, while the Nasdaq (COMP) + 0.8% is adding to this part after a start into the red.
The Dow (DJI) + 1.5% has hit an all-time intraday high and is less than 100 points below 30K. Boeing + 7.4% is the big winner in the price-weighted index, with Disney and Honeywell also providing a boost. P&G and Merck are the only losers. Pfizer -4% is among the biggest S&P returnees and has given up some of its vaccine profits over the past week. Energy (NYSEARCA: XLE) + 5.2% is still the leader and is now 23% above its November 6th closing price.
Since the morning, profits have expanded, even as crude oil futures decline + 3.2% from their highs. The Fab 5 megacaps are on the rise, led by Apple + 1%. Amazon is the only one in the red. Today Oppenheimer cautioned investors not to figure tech out just yet, as technology will be ubiquitous in a global economic recovery and essential to growth in all 11 S&P sectors.