The Dow added +187.73 (+1.46%) to close the week at 13,075.66, above 13,000!
For the week DJIA gained +2.0%, Nasdaq +1.1%, S&P 500 +1.7% and my beloved Russell 2000 only +0.6%.
Year-to-date, DJIA is up +7.0%, Nasdaq +13.5%, S&P 500 +10.2% and Russell 2000 only +7.4%, badly lagging the S&P 500 and Nasdaq.
What that tells me is larger cap names are more wanted than the small cap names. Hopefully there will be some rotation into small cap names into the last half of the year.
Merck (MRK) shares were up after the pharmaceutical company beat earnings and sales expectations and affirmed its outlook for the year.
The dollar dropped against the euro, the British pound and the Japanese yen.
Oil for September delivery added 70 cents to $90.09 a barrel.
Gold futures for August delivery was up $2.90 to $1,618 an ounce.
The price on the benchmark 10-year U.S. Treasury dropped, pushing the yield up to 1.51% from 1.43% late Thursday.
Lots of money rolling into big cap names….