With the economy bouncing back, Americans are starting to buy more assets… and those assets will need to be insured — and more in Friday’s stock market recap.
My first insurance stock is positioned to benefit from this surge as a leader in property and casualty insurance, group benefits and mutual funds. And I also have a second insurance stock on my radar today.
Global markets are mostly higher this morning as the U.S. and China continue posting strong recovery numbers.
China’s economy reported an incredible 18% expansion for the first quarter of 2021. Japan continues to struggle as it deals with a recent surge in COVID-19 cases with only a small percentage of the population being vaccinated.
I’ve been waiting for jobless claims to dip below 700,000 for a while now… Not only did we do that this week, but we broke below 600,000! Pair that number with the 9.8% increase in U.S. retail sales from February to March, and our economic recovery data is starting to back up our positive outlook.
Check out today’s video for more of my stock market recap.
I’m focusing on the insurance subsector of the financial stocks today. Hartford Financial Services Group Inc. (NYSE:HIG) has shown strong growth the past few months. HIG was founded in 1810 and is one of the largest insurance companies out there.
Having been around for so long, HIG has weathered many of the market’s ups and downs through the decades. Having recently made a 10-year high, HIG is positioned to bounce back from 2020’s recession.
Insurance stocks tend to move alongside financial stocks, and the financial sector is currently looking like it may break out. There’s a flat-top ascending triangle in the S&P Financials Sector SPDR (NYSEArca: XLF), which usually means that stocks will break to the upside.
The second stock I have for you is showing nice congestion without the expansion of volatility…
So in today’s stock market recap, you’ll discover why U.S. markets remain strong… the potential trading action for the long bond… an update on the global economy… and two my hot stocks in the financial sector you need to watch.
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Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.