Let it settle. Let it settle we’re right at the number three record closing highs: welcome back to closing bell i’m sarah eisen, along with scott walker, who is in today for wilfred props we’re, watching the dow carefully, because any close above 35 000.. It looks like we’re right there. I i think wilfred would say bang on 35 000 first time ever for the dow it’s a milestone. I did whip out. The dow 35k spoke too soon. I thought it was a jinx not so fast there. You go goldman sachs, the biggest contributor to the dow games today, disney unh and jp morgan i’m. Here, with scott, of course, wapner and mike santoli cmbc senior markets commentator take a look at how the major averages finished up the day. Very strong there’s, the s p up, three tenths of one percent most sectors were higher, financials were the best performers, communication services and real estate. Also up almost one percent staples and energy lag so did technology, it did close higher and we got a record close on the nasdaq up two tenths of one percent. Thanks to new highs in names like google alphabet, facebook was higher, tesla actually led the triple q’s apple underperformed today, and so did microsoft so kind of a mixed bag in technology. The russell 2000 pretty much flat on the day coming up, fame portfolio manager, bill nygren on the sectors and stocks that he thinks are ready to break out.
First, up on this record closing high day, nancy tingler from tangler investments is still with us. Pivotal advisor ceo and cio tiffany mcgee joins the conversation. Welcome back tiffany, though we will first send it to you mike to walk us through what happened today. Bon yields were a little firmer. The dollar was a little firmer and the stock market continued to make new highs yeah. I i really still think we’re feeding off of what happened late last week to some degree where it was another one of these little mini scares. Each one seems shallower than the one that came before uh and until you basically said, maybe there was not much of anything to worry about bond yields coming off the lows were a big deal, uh one and a quarter was the low. From last week, we got through two treasury auctions today, significant ones, and i think that if you had the list of things you had to be alert about this week. That was the first two things that you had to get through and make sure the bomb market was going to absorb that and not have massive rallies after so there you go and that’s, mostly it again. 40 uh 43.84 on the s. P is almost precisely a double the intraday low from march of 2020. tiff. So how do you see it now? We’Re heading into earnings, season right nasdaq’s been leading? Where is it going yeah? So i think the environment is is really conducive to stocks continuing to go higher again.
We have these. You know sub conversations um, you know uh tech growth versus uh. You know value i’m, really excited to to kind of see what the banks deliver tomorrow. Um, like most people, i’m, expecting positive things. You know jp morgan and goldman report tomorrow, um, but i have that in kind of like the value category right. So you know thinking about this from like an overall portfolio construction standpoint, because i think that we have to be thinking about this. I don’t think that investors can just solely look at one stock, two stock, you know or um or just equities in general um. You know i’m looking at um, you know how you diversify this portfolio because of course that protects you on the downside but we’re. Looking at you, you know i love my growth right. You know i love my my tech, so we’ve always been invested in those things and, of course, growth right. So growth has had this great um. You know time is kind of great run for the past few weeks. I think about like around five weeks but we’re. You know we also and something i really don’t talk about as much. We also are invested in value, and so our value plays are our bank’s plays right and so um. We like uh stock appreciation right. We like, when those prices go up, but we also like total return, so we like those dividends as well so i’m expecting good things um.
You know again, and you were talking earlier scott about um earlier on um. You know on uh your earlier show. You were talking about correction and so yeah. We have not had uh an official correction. We’Ve not had a pullback of over four percent. I think since uh february 2020, but there is nothing that says in the rulebook: there’s, no rulebook. That says that we have to have one, and so you know i’m cautiously, on the side, but i’m also positioning portfolios, just in case there’s a little bit of a downturn um. You know that’s an opportunity for me to kind of swoop in and buy the things that i love. So tiffany mentioned banks, nancy financials, as her value play. Are banks still a good value, they’re, certainly not as cheap as they were a year ago, but but relative to the overall market? I guess you could you could make that case. Where are you on the valuation there? So sarah we’re we’re, overweight, uh the financial sector but we’re actually underweight banks. Um, though i should point out that we do own uh, goldman and jp morgan and goldman’s in our 12 best ideas portfolio, but we think there are better places to be. We want to own companies, i love the intermission analogy that mike mayo gave, but we want to own companies that have pricing power and will benefit from improving productivity. So just take a look at disney, which you know is also in our 12 best ideas portfolio.
But if you just look at x the news today, this is a company that’s raising prices at their parks um. They are back to full capacity with 15 plus thousand employees versus 32 000 free pandemic all because they digitized a great majority of the uh client experience. So those are the kind of names i mean. Disney’S done nothing it’s dramatically, underperformed the market year to date, but we think in here you want to take a look at the stock and just continue to pick away at it, because we think they have all the things you need in this environment, pricing power and Improving productivity, i don’t get that so much with the banks. Shepard smith.