Weekly Market Recap
February 19, 2021
The market experienced a slight decline this week, as higher dividend-paying stocks in real estate and utilities sectors underperformed due to the continued uptick in interest rates. Financials and energy experienced relative outperformance. Financials benefit from higher interest rates, and energy consumption increased due to frigid weather from unprecedented winter storms in areas such as Texas. Weekly jobless claims continue to remain at elevated levels (861,000). In the cryptocurrency market, Bitcoin crossed a notable milestone at over $1 trillion in market value. Next week, we look forward to data on durable goods, consumer confidence, and consumer spending. To learn more about how we help business owners, please click here: https://mybuckingham.com/services/business-services-and-tax-preparation.
Allen Thuma, CFA
Portfolio Manager & Research Analyst