In stock market news, the rally that started the week and a new quarter had a bifurcated effect.
The Dow Jones Industrial Average hit a new high intraday, up more than 180 points and backing off a bit to a 129 point gain. The gulf yawned between financial stocks, which boosted the Dow, and tech stocks, such as Apple, which belong to a group known as FAANG (Facebook, Apple, Amazon, Netflix and Google).
The day was an early one for equities, which closed trading at 1 pm. By way of example, shares in banking stalwarts such as JPMorgan, Morgan Stanley and others were up low single percentage points. As for the FAANG entities, Apple was down a bit more than 30 basis points. Google was off 1 percent. At least a few observers of the stock market saw a rotation intact.
“You’re still seeing money coming out of tech [stocks] and into financials,” said Marc Chaikin, CEO of Chaikin Analytics. “The rally in financials has real legs.”
And in a separate interview with CNBC, Peter Cardillo, chief market economist at First Standard Financial, said that “there’s new leadership emerging in the market. That should keep us from faltering during the summer months.”
