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Mixed Session For Stocks, Bluechips Higher, Tech Lags

EQUITIES
  • The to-and-fro of cyclical vs. value stocks this week extended Friday, as tech lagged and bluechip companies outperformed. This resulted in further strength for the Dow Jones, which hit a new alltime high. The largest contributors to the rally were Boeing and bank stocks, who rallied on the steeper US Treasury curve.
  • Having neared the record highs Thursday, the e-mini S&P retreated as markets were unsettled by bond market weakness, keeping prices well within the Thursday range. This keeps the technical picture unchanged.
  • Across Europe, stocks finished mixed as UK, Spanish indices posted gains (0.4%, 0.6% respectively) while Germany's DAX lagged, closing lower by 0.5% or so.

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