US equity close: Largest weekly gain for the Nasdaq since November 2022

Closing changes on the day:

• S&P 500 up +1.00%
• DJIA +0.7%
• Russell 2000 +2.7%
• Nasdaq Comp +1.4%
• Toronto TSX Comp +1.0%

On the week:

• S&P 500 up 5.9% — best since Nov 2022
• DJIA +5.1%
• Russell 2000 +7.6% — best since Feb 2021
• Nasdaq Comp +6.6%
• Toronto TSX Comp +5.8%

The chart above shows a great recovery from the prior two weeks of gains but it needs to get over those recent highs to be truly convincing. I think we’ll have some follow-through in the week ahead because there is some FOMO out there but it will be tested because I don’t think there’s an appetite to take 10-year yields below 4.50% just yet.