Belpointe's Nelson Discusses Sectors Leading 'Bull' Market on CNBC
NEW YORK (TheStreet) -- The U.S. market closed relatively strong on Friday, in a week where it saw not much downside, due to events such as the Bank of England leaving interest rates unchanged and big banks reporting better-than-expected earnings.
The Dow Jones ended trading higher by about 10 basis points, the NASDAQ closed lower by around 4 points, and the S&P 500 ended trading down by about 2 points.
Sectors leading this "bull" market are tech and defense, Belpointe Asset Management's David Nelson said on CNBC's "Closing Bell" this afternoon.
"You can't have a bull market without tech and one of the names we like there is Broadcom," Nelson commented.
A positive for semiconductor company Broadcom (AVGO) - Get Report is that it has "reduced its exposure" to tech giant Apple (AAPL), he continued.
"It's amazing how the conversation has changed in just a couple of weeks. A couple of weeks ago we were staring into the abyss and now the market, at least here, is at an all-time high or at least pushing to it," Nelson noted, noting the reverse from Brexit which sent global markets plunging.
Shares of Broadcom closed higher by 0.23% to $161.16 and Apple stock ended trading slightly down by 0.01% to $98.78 today.