Cyclical stocks most sensitive to an economic rebound led US equity markets higher – Dow rallied +464-points or +1.46% to a record closing high of 32,297.02 . The broader S&P500 rose +0.6%, with Energy (up +2.63%, taking its 2021 gains to more than >39%.) returning to the top of the primary sector leaderboard and leading ten of the eleven primary sectors higher. All of Financials (up +1.92%), Materials (+1.64%), Industrials (+1.45%) and Consumer Staples (1.29%) rose over >1%. Information Technology (down -0.40%) was the only sector to close in the red. Investment bank UBS hiked its year-end S&P 500 target to 4,250 from 4,100, representing an ~9% gain from current levels. The Nasdaq inched +0.04% higher . The Dow hasn’t notched a record high while the Nasdaq Composite has been in correction territory since around the time of the dot-com boom and bust on 23 August, 1999, according to Dow Jones Market Data. The small capitalisation Russell 2000 index gained +1.81%.
