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Stocks Return Higher, With Growth Outstripping Value

EQUITIES
  • Stocks returned higher Wednesday, with the e-mini S&P climbing to fresh weekly highs and narrowing the gap with the alltime highs posted in early January at 4808.25. Gains across Wall Street were led by the tech, communication services and consumer discretionary sectors, putting growth stocks above value into the Wednesday close.
  • The risk-on sentiment was underlined by the lagging healthcare, utilities and consumer staples sectors, representing the more defensive stocks.
  • Across Europe, equity trade was similarly positive, with most continental markets adding 0.8%, helping put the EuroStoxx50 back above the Monday high. Spain's IBEX-35 lagged slightly, but still managed to add 0.2% ahead of the close.
  • Focus turns to the looming earnings schedule, with big banks kicking off the quarterly reporting cycle. JPMorgan, Wells Fargo, BlackRock and Citigroup due on Friday.
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