MARKET RECAP

• Stocks were up in and up and down week, making it two weeks in a row.
• Meta Platform’s (FB) fell by more than 21% on disappointing in earnings. But Alphabet and Amazon countered that with big advances. The FB drop was one-day market cap declined in history. The same can be said for the Amazon advance (except as an increase), one day later.
• In Barron’s Up & Down Wall Street column, Randall Forsyth writes that Lacy Hunt, chief economist at Hoisington Management, and Garry Shilling, a well-known economist that runs his own advisory service, both go against consensus and expect bond yields to fall, not rise, mainly due to a weak economy. Shilling points out that recessions have followed 11 of the last 12 Fed tightening cycles.
• In a Monmouth University poll seven in 10 Americans said :”it’s time we accept that Covid is here to say and we just need to get on with our lives.”

SCOREBOARD