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Investment Insights

Summit Snapshot: Week of 3.28.2022

March 28, 2022
  • Major U.S. equity indices ended mostly higher as the S&P 500 Index reached its highest level since February 10th despite the ongoing developments in the Russia-Ukraine war and hawkish comments made by Federal Reserve Chair Jerome Powell last Monday.
  • Large-cap stocks easily beat small-caps last week, and value mostly led growth as seen in the performance matrix above. Year-to-date the large-cap value segment eked into positive territory, albeit slightly.
  • Within the S&P 500 Index, all sectors aside from health care increased led by energy, materials, and utilities given the continued rise in broad commodity prices. Apple and Tesla rose by 6.5% and 11.6% respectively last week in the land of mega-cap names. Tesla’s stock price rose for eight consecutive days through Thursday although fell back Friday. The run put the company’s market cap above $1 trillion again.
  • According to Bloomberg, the S&P 500 had gained one-third of one percent in the last hour of trading for five consecutive days, which is the longest streak in two decades.
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Summit Financial, LLC, an SEC registered investment advisor firm, established in November 2018 is a wholly owned subsidiary of Summit Financial Holdings and is the successor firm of all the legacy investment advisory and financial planning business of Summit Equities, Inc. (registered with the SEC in 1991) and Summit Financial Resources, Inc. (registered with the SEC in 1983)