It is a very compelling session that sees Energy and Materials bolt out to lead the percentage gain race, while Technology has struggled. I’m extremely impressed with this session in the sense stocks ran out the gate with the S&P 500 racing to 2,756 and the Dow Jones Industrials to 23,617 until the bears were unleashed. Bearish talking heads were called all morning long to talk down the market and for a moment it was working.
But there is better news on coronavirus, and the government will continue to amend programs and create new options and resources to support the economy.
S&P 500 Index
Communication Services (XLC)
Consumer Discretionary (XLY)
Consumer Staples (XLP)
Health Care (XLV)
Real Estate (XLRE)
I’m buoyant about the rally. The fact the market can rally like this is important for everyone to consider. Waves of selling are inevitable, although, I’m still not convinced the market must re-test the bottom.