Stocks Resume Rally Led by Cyclicals, Small-Caps: Markets Wrap
- Pfizer falls after forecast miss, Peloton gains amid reshuffle
- Russell 2000 outperforms, suggesting confidence in recovery
This article is for subscribers only.
U.S. stocks rose in a broad-based rally, with gains in cyclicals and small-caps signaling improving investor confidence in the growth outlook amid monetary tightening.
The S&P 500 closed near session highs, recovering ground lost in Monday’s late-day slide, amid gains in financials and materials sectors. Dip-buying in some big tech names like Apple Inc. and Microsoft Corp. helped lift the Nasdaq 100. Meanwhile, the Russell 2000 of small-caps outperformed, jumping more than 1.5% and suggesting confidence about economic reopenings as the pandemic fades.