Cyclicals take charge in broad market rally
- The market's gains lasted to the finish line, with cyclical stocks
leading the way.
- The S&P closed up 1.6%, the Nasdaq ended up 1.9% and the Dow was up
1.5%.
- All 11 S&P sectors closed in the green.
- Energy (NYSEARCA:XLE) was the best performer, rebounding from last
week's slump, with Devon Energy topping the S&P following its deal for
WPX.
- Financials (NYSEARCA:XLF) were also strong, with the SPDR S&P Bank ETF
(NYSEARCA:KBE) gaining 3.5%. Oppenheimer said the selling in big banks
had
been overdone.
- Technology (NYSEARCA:XLK) gained nearly 2%, closing back above its
50-day simple moving average.
- Amazon led the Fab 5 megacaps, which were all higher.
- Defensive sectors were the weakest, with Utilities (NYSEARCA:XLU)
posting the most modest gains.
|Today, 4:03 PM|30 Comments
- The market's gains lasted to the finish line, with cyclical stocks
leading the way.
- The S&P closed up 1.6%, the Nasdaq ended up 1.9% and the Dow was up
1.5%.
- All 11 S&P sectors closed in the green.
- Energy (NYSEARCA:XLE) was the best performer, rebounding from last
week's slump, with Devon Energy topping the S&P following its deal for
WPX.
- Financials (NYSEARCA:XLF) were also strong, with the SPDR S&P Bank ETF
(NYSEARCA:KBE) gaining 3.5%. Oppenheimer said the selling in big banks
had
been overdone.
- Technology (NYSEARCA:XLK) gained nearly 2%, closing back above its
50-day simple moving average.
- Amazon led the Fab 5 megacaps, which were all higher.
- Defensive sectors were the weakest, with Utilities (NYSEARCA:XLU)
posting the most modest gains.
|Today, 4:03 PM|30 Comments
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