EDITOR'S NOTE
Stocks staged a midweek comeback, as indexes reversed a slump and surged Wednesday afternoon. The Dow added 424 points, powered by Boeing, Chevron, Goldman Sachs and Visa. Recovery-themed stocks helped lift the S&P 500, which closed up 1.14%. Occidental Petroleum and Norwegian Cruise Line helped bolster the index. Even the tech-heavy Nasdaq Composite, which struggled as tech stocks faltered, was able to eke out a win. It rose just shy of 1%, but the index is still down nearly 2% for the week.
Investors are picking their winners as the outlook for the economy improves and Treasury yields rise. To that effect, tech favorites – including Amazon and Apple – are being set aside for energy companies and financials. Indeed, Goldman Sachs was up 3.5% to $330.64, and Wells Fargo boosted its price target on the investment bank to $360 from $335 today.
Another favorite has emerged in small cap companies as investors bet on the economy reopening. The Russell 2000 index outperformed major indexes today, rising by more than 2%. It's up 15% for the year.  Don't let the search for returns lead you into trouble. Charlie Munger, vice chairman of Berkshire Hathaway, slammed the speculative arena of special purpose acquisition companies or SPACs.
He spoke today at the Los Angeles-based Daily Journal annual shareholders meeting. "I don't participate at all and I think the world would be better off without them," Munger said. TOP NEWS
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