Your Wednesday Blip 2/24/21

Your Wednesday Blip 2/24/21

Stocks roared higher on fiscal stimulus chatter and the Dow closed up 424 at 31,961. Trading volume was off a bit however which indicates that institutional investors were not big buyers.
Lowe’s reported rock solid results with a 27% increase in sales and a 41% rise in net profits. Same store sales jumped 28.1% more than doubling estimates as the home remodel/backyard chicken coop rush continues. Online sales through the Lowes.com portal jumped 121% and the company said it will reinstate its stock repurchase plan. CEO Marvelous Marvin Ellison said that while they expect 2021 to be another year of growth he thinks the pandemic driven rush will ease somewhat. This last comment caused the gurus to bolt sending shares lower.
Home price growth in the US accelerated in the final month of 2020 at the fastest pace in 8 years. Standard & Poor’s said its Case-Shiller national home price index posted a 10.4% annual gain in December. Market strength continued to be broad based with Phoenix leading the way with a 14.4% gain followed by Seattle and San Diego with 13% gains.
In the “interesting news category” The Onion reported that Facebook announced plans to break up the US Government before it becomes too powerful! Yahoo Finance had an article about why it may be time to buy airline stocks which I find interesting since it seems this should have been written 6 months ago when the stocks were well off from pre-pandemic levels. As of today the share prices have recovered but revenue has not making them pricey. I guess YF will also write a complementary piece about closing the barn door after the horse got out.