Payne's Perspective: November 21, 2021: Much to Be Thankful For (but not high prices)
It was a very intriguing week that defied conventional thinking and the current Wall Street consensus, as investors and markets mattered more than the experts and their predictions.
The market rallied for the week, with the S&P 500 hitting its 66th record closing high of the year. But it was one of the most bifurcated sessions in a long time, with growth leading the way as investors seemingly abandoned everything else. The dark shadow of spreading Covid-9 cases also played a role in trading on the week. But it was always about those mega-cap growth stocks that reemerged as comfort food for investors.
In addition, we saw stocks continue to respond strongly to big earnings and guidance beats.
Consumer Discretionary was the best performer with a blend of brick-and-mortar names, coupled with online stalwarts leading the way.
Technology was strong, with Apple (AAPL) becoming the ‘apple’ of investors’ eyes once again.
Interestingly. Utilities were strong for the week, revealing some of the flights to safety opted for traditional safe havens.
To read the full report, contact your account representative or email Research@wstreet.com
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