Stocks rallied this week, first on anticipation of a "blue wave" that would bring much-needed stimulus, then on expectation of a split government that would prevent an incoming Biden administration from enacting ambitious populist policies.
Equity markets flattened a bit on Friday even after a non-farm payroll report that beat estimates, but it was still a historical week. The S&P 500 Index (NYSEARCA:SPY) rose 1% for four consecutive days and 7.4% Monday through Thursday. The Dow Industrial Average (NYSEARCA:DIA) gained 6.5% for the week, as did technology stocks (NASDAQ:QQQ).
Winners & Losers
Healthcare insurers were one big winner, with Cigna (NYSE:CI) and Anthem (NYSE:ANTM) rallying 31% and 17%, respectively, this week. In Cigna's case, the gains were partly due to earnings that beat estimates.
Marijuana stocks rallied after voters in New Jersey, Arizona, Montana, and South Dakota voted to legalize recreational marijuana. South Dakota and Mississippi voters also approved measures to legalize medical marijuana. The ETFMG Alternative Harvest ETF (NYSEARCA:MJ) that tracks the industry gained 14% this week. Shares of Aurora Cannabis (NYSE:ACB) doubled, with Cronos Group (NASDAQ:CRON) and Tilray (NASDAQ:TLRY) also booking double digit percent gains.
Losers were almost entirely earnings related. Twitter (NYSE:TWTR) shares dropped about 20% on the week. Hanesbrands Inc. (NYSE:HBI) declined about 19%. Mosaic (NYSE:MOS) gave up about 6%.
What Caught Our Eye This Week

Kim: Chipmakers surge on optimism around U.S.-China relations and Uber (NYSE:UBER), Lyft (NASDAQ:LYFT) soar on California gig worker triumph

Brad: 2016 unwind? 2020 election rally shows hallmarks of a simple Trump trade reversal and 3 reasons small-caps could be the better 2021 bet - DataTrek


Stephen: Hodlers eye $20K as Bitcoin rallies to new multi-year high and Bitcoin surges toward $16K after DOJ seizes record amount


About This Podcast
Alpha TALKS Wall Street Breakfast is a weekly roundtable covering what moved markets this week (WMMTW), featuring a panel of Seeking Alpha editors.
Hosted by Nathaniel E. Baker, Contributing Editor, and featuring:

Bradley Olesen, VP News;

Kim Khan, Senior News Editor;

Stephen Alpher, Managing Editor News, co-host of Seeking Alpha's Alpha Trader podcast.


AlphaTALKS videos, featuring highlights of this podcast, publish every Friday by close of trading. Watch this week's here.


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