Dow: +236.60…
Nasdaq: +291.18… S&P: +60.65…
The stock market began the week on a strong note with the Nasdaq (+1.9%) recovering the bulk of its loss from Friday. The S&P 500 (+1.3%) and Dow (+0.7%) recorded slimmer gains, finishing near their opening levels from Friday.
Stocks rallied out of the gate as fears about the omicron coronavirus variant receded since there are no indications that this variant is more dangerous or more transmissible. In addition, the return of participants who were away on Friday contributed to the rebound.
All eleven sectors finished the day with gains. Five sectors added more than 1.0% with technology (+2.6%), consumer discretionary (+1.6%), and utilities (+1.6%) finishing in the lead.
Crypto finally bounced back today. Ethereum outperformed Bitcoin and ETHE was +8.5%.
It was reported that retail store traffic on Friday was up nearly 50.0% from last year’s levels but down 28.3% from 2019. As a result, the retail etf XRT was red.
I mentioned LCID and MARA last night as two to watch. I still like them both and think they go higher.
Stocks with good relative strength include LHTM, BITF, ENVX, and ARQQ.
Baby steps.