Dow notches fifth straight record high

The Dow rose to an all-time high for a fifth straight session Friday, scoring its biggest weekly gain since November. The rotation away from tech stocks into economically sensitive cyclical stocks drove up shares of industrial and financial blue chips like Boeing and Goldman Sachs.

Underscoring the outlook for a strong reopening of the U.S. economy: rising bond yields. The benchmark Treasury note hit its highest level since February of last year, reviving inflation concerns.

That hurt high-growth tech stocks, denting the Nasdaq which closed down six-tenth percent. The Dow rose nine-tenth percent and the S&P 500 inched a tenth percent higher. For the week, the three indexes made solid gains.

Tanaka Growth Fund manager Graham Tanaka says he’s bullish about the outlook for equities.

“We’re encouraged because the Nasdaq has had its 10% correction that’s - quote unquote - a normal correction in a bull market. Why is this bull market not over? We believe it’s not over because it’s very early in the economic recovery.”

Among the Nasdaq’s big decliners: Ulta Beauty. Shares fell nearly 9%. The cosmetics retailer’s annual revenue outlook disappointed investors. Extended stay-at-home policies hurt demand for its makeup products.

Novavax shares rose 8%. The company said a late-stage trial showed its COVID-19 vaccine was 96% effective in preventing cases caused by the original version of the coronavirus.