Stocks surge by most since day after US election

Well, I guess we can call it an uncorrection, for now.

The S&P 500 closed 10% below its all-time high with a rip-roaring 2.1% gain, its best day since November 6, when investors enthusiastically greeted President Trump’s election victory. The Nasdaq 100 and Russell 2000 did even better, closing up 2.5%.

However, it was still the fourth straight negative week for the benchmark US stock index, which hasn’t happened since August.

Every S&P 500 sector ETF finished higher on Friday, and most by more than 1%. Healthcare and consumer staples were the laggards, while tech was up 3% and energy, financials, and consumer discretionary were up 2% or more.

Ulta Beauty was the best performer on the S&P 500 after greatly exceeding earnings expectations.

Momentum stocks were back on the menu. Nvidia surged as Hon Hai (Foxconn) suggested that its AI server business could soon generate more revenues than its consumer electronics division. Super Micro Computer and Palantir were also among the biggest gainers.

Quantum computing stocks mooned after D-Wave Quantum reported massive bookings in the fourth quarter, a green shoot for commercialization prospects in the space.

Peloton climbed after Cannacord upgraded the stock from hold to buy, seeing sufficient upside after recent declines.

Kering, owner of Gucci (among others), slumped after tapping Demna Gvasalia as its creative director, a controversial hire that has not been well received by the market.