U.S. stocks closed out the week with a record high for the S&P 500 and the beginning of a rotation back into growth names.
 | FRI, JUN 11, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 127.35 | +1.24 | +0.98% | | MSFT | 257.89 | +0.65 | +0.25% | | INTC | 57.85 | +0.47 | +0.82% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 127.35 | +1.24 | +0.98% | | F | 15.28 | +0.17 | +1.13% | | GE | 13.69 | +0.06 | +0.44% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 127.35 | +1.24 | +0.98% | | AMD | 81.31 | -0.25 | -0.31% | | MSFT | 257.89 | +0.65 | +0.25% | |
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U.S. stocks ended the week with a record closing high for the S&P 500 and the beginning of a rotation back into growth names. The technology-heavy Nasdaq Composite gained about 0.4% on Friday as the tech trade came back into favor. Investors are giving growth stocks another chance as bond yields come down. The 10-year Treasury went below 1.43% on Friday, a three-month low. Cathie Wood's Ark Innovation, an ETF that focuses on disruptive technology, returned about 6% this week. The Dow Jones Industrial Average gained 13.36 points on Friday. For the week, the 30-stock Dow was off by 0.8%, but the S&P 500 rose 0.4%, for its third straight positive week. The Nasdaq Composite was the outperformer with a gain of nearly 1.9%, posting its fourth winning week in a row.  The outperformance of the tech sector "strictly is a response to the drop in long-term interest rates. Nothing more," Peter Boockvar, chief investment officer at Bleakley Advisory Group, told CNBC. "When rates resume upward again, which I think will happen, growth will then underperform value again." Some notable meme stocks – which garnered attention for their rise and fall this week – registered gains on Friday, with AMC Entertainment climbing about 15.4% and Clover Health adding 4.8%. |
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