Earnings Growth Driving Stock Market Highs
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as Earnings Growth Driving Stock Market Highs. Stocks in heat map are based on the top 10 holdings of each sector ETF. Click on each picture to zoom in. Below is a summary of today’s action on Wall Street provided by CNBC:
The S&P 500 (SPY) rose by 0.54% today as Earnings Growth Driving Stock Market Highs. All 10 sectors were in the green at close. Led by energy (XLE) +1.46%. Consumer discretionary (XLY), consumer staples (XLP), financials (XLF), real estate (XLRE), healthcare (XLV), industrials (XLI), materials (XLB) technology (XLK) and utilities (XLU) all finished positive less than 1%.
The Nasdaq composite advanced 0.6 percent and also notched record highs. The Dow Jones industrial average rose 65 points to notch a record close. (CNBC) “Earnings are clearly the driver in the equity market,” said Jon Adams, senior investment strategist at BMO Global Asset Management. “We had an earnings recession last year but we now have consecutive quarters of earnings growth.” (CNBC)
Of the 53 S&P 500 components that had reported as of Tuesday morning, 77 percent exceeded earnings expectations while 75 percent topped on revenue, according to data from The Earnings Scout. (CNBC) Overall, “earnings were expected to be fairly strong and that’s certainly followed through,” said Shannon Saccocia, head of asset allocation & portfolio strategy at Boston Private. (CNBC)
Credit: Sector Graph provided by Sector SPDR app. Sector breakdown provided by Charles Schwab. Sector heat map provided by finviz. Information Credit: News Headlines and quotes were taken from CNBC in the writing of this post.
S&P 500 Sector Graph
S&P 500 (SPY)
Consumer Discretionary (XLY)
Consumer Staples (XLP)
Real Estate (XLRE)
S&P 500 Sector Heat Map