The stock market closed above a key milestone and looks set to keep moving higher for now.
Those big tech names that have been drivers of the market took a rest this week, as traders focused on names that will benefit from a reopening economy, like airlines, banks and industrials. The S&P financial sector is up more than 9.6% this week so far, and industrials are up more than 7.%. Communications services, which includes internet names, was up just 0.8%.
The 200-day is simply the average of the closing prices for the last 200 days for an index or even individual stock. In the case of the S&P 500, some investors view the 200-day as a line in the sand, where they will go long above that level but not below it. That can generate interest in the market and help pull it higher.
Paul Christopher, global market strategist at Wells Fargo, said the broadening out of the rally has been important and should help propel stocks. "The market has to figure out there's more than one story to price," he said, noting it would be hard to have a sustained rally without FAANG. "The rotation we're seeing is a rotation to value, to small caps. It's as if everything that got beaten up was getting a bid," he said.
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