• By The Financial District

U.S. STOCKS END MIXED; DOW RECOVERS ON GOOD ECONOMIC DATA

Wall Street closed mixed at the end of a volatile week of trading, with the Dow Jones Industrial Average being the only bright spot, as inflation concerns loom overgrowth names, Medha Singh and Krystal Hu reported for Reuters on May 22, 2021.

Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.

The Dow was lifted by industrial heavyweights, including Boeing and Caterpillar Inc. Boeing jumped 3.1% as industry sources said the planemaker has drawn up preliminary plans to increase in 737 MAX output to as many as 42 jets a month in fall 2022. Banks, including Goldman Sachs and JP Morgan, also supported the Dow.


The S&P 500 pared its earlier gains, down 0.08% to 4,155.86, marking the index's drop for a second consecutive week. Information technology and consumer discretionary led the selloff while economy-linked financials and energy posted the biggest sectoral gains.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Analysts expect the rotation trades to continue to play out with the vaccine rollouts and reopening of the economy.


"Once we get to the latter part of 2020, we expect to see a greater rotation out of technology and into more cyclical and defensive stocks as the recovery takes greater shape," said Greg Bassuk, chief executive at AXS Investments.


Strong economic data has put pressure on growth stocks, which are more likely to be impacted by potential interest hikes. IHS Markit's data showed U.S. business activity picked up in May amid strong domestic demand, but backlogs of uncompleted work are piling up as manufacturers struggle to find raw materials and labor.



WEEKLY FEATURE : TRUEMONEY PHILIPPINES BUCKS THE COVID-19 CHALLENGE

Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.
Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.