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Stocks Bounce Smartly, Trims Gap with All TIme Highs

EQUITIES
  • US equity markets returned to winning ways Wednesday, erasing the bulk of the week's losses and trimming the gap with all time highs posted Friday to just 30 points. Sharp gains in materials names underpinned the index rally, with industrials and energy also trading well. Utilities and communication services were the sole sectors to trade in the red.
  • Better trading the Dow Jones, NASDAQ and S&P 500 worked against the recent rally in the VIX, which shed over 2 points from the mid-week high.
  • Cruiselines and economic re-opening firms retraced Monday/Tuesday weakness, with Norwegian and Carnival among the biggest gainers on the S&P500. Netflix was comfortably the poorest performer, slipping close to 7% after an unexpected slowing in the rise of subscriber numbers.

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