The stock market rallied on Friday as the benchmark 10-year Treasury yield dipped below 4%. Investors also weighed in the impact of the most recent rate hike of the central bank, together with comments from the Fed.
Overall, S&P 500 increased 1.6% to 4,046, while NASDAQ rose 2.0% to 11,689.
Tweet of the Day
Street not happy with the ZS billings miss. MS thinks bear case is now stronger with questions about durability of 30%+ topline growth and competitive dynamics pic.twitter.com/6bVNE5X78V
— Elliot (@AlphaSeeker84) March 3, 2023
Chart of the Day
Here is the one-year chart of Grainger (GWW) as of February 22, 2023, when the stock was at $658.
W.W. Grainger is the leading supplier of maintenance supplies in North America, Japan and the United Kingdom. The company stocks more than 1.5 million products from more than 4,500 suppliers.
The company continues to thrive in an economy that’s supposed to be weak. Well, it’s not weak for this maintenance supply realtor, which just delivered qtrly profit growth of 31% as sales rose a solid 13% due to robust demand.
GWW is part the Conservative Growth Portfolio. Management hasn’t seen any meaningful slowdown in its business even risk of a potential recession has increased.