The S&P 500 gained 0.81% and the Dow was higher by 0.45%. Consumer discretionary, consumer staples, financials, and technology were the leading sectors. Health care, industrials, materials, telecom, and utilities were lagging areas.
The markets started the day in negative territory after economic news from Europe was slightly disappointing. European industrial production growth came in below consensus estimates. There was little news driving the late surge in today’s trading. The averages closed at their highs on the day and the Dow and S&P 500 closed at fresh highs.
Financials started the day sharply lower but had a better than 1% intraday reversal. The space rallied aggressively on the better than expected jobs numbers last Friday and saw profit taking over the past two days. Today the bank index and insurance stocks were strong. Discount brokers were again strong.
The tech heavy NASDAQ was higher by 1.2%. Large members of the index like Google, Microsoft, and Qualcomm were higher. Semiconductors were strong today also.
The Internet group rallied. High beta aggressive names were in favor today. Online travel names were also strong performers. Yahoo led the search space higher.
Consumer discretionary and consumer staples led the broad market averages today. Retail was an area of strength. Retail was strong across the broad as value retailers like TJX Company and Ross Stores were each up more than 1.5%. Department stores were even stronger with Macy’s posting a gain of more than 9% and Nordstrom gaining 2.5%.
Source: PFS Group