Investors Cheer Approved Budget Measure
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after Investors Cheer Approved Budget Measure. 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:
Brendan McDermid | Reuters “The market was very excited about tax reform last year after the election. But come the first half of this year, those expectations dropped. Recently, expectations of tax cuts have started to creep up,” said Rui De Figueiredo, CIO and co-head of the Solutions/Multi-Asset Group at Morgan Stanley Investment Management.
The S&P 500 (SPY) rallied 0.51% today as Investors Cheer Approved Budget Measure. S&P sector advancers led decliners by 8 to 2. Financials (XLF) +1.18% and industrials (XLI) +1.04% led the charge for sector advancers. Consumer discretionary (XLY), energy (XLE), healthcare (XLV), materials (XLB), technology (XLK) and utilities (XLU) all turned gains of less than 1%. Consumer staples (XLP) and real estate (XLRE) were the only two sectors negative on the day by less than 1%.
The Dow Jones index climbed 165 points ending at 23,328. The Nasdaq added 24 points finishing at 6,629.
The main focal point from today’s session was the fact that the Senate passed a budget measure on Thursday night, leading the way for the Republicans to pass a tax bill with a simple 51 vote majority in the Senate. Both financials (XLF) and industrials (XLI) both rallied more than 1%, as both sectors look to benefit from tax reform.
Some bright spots and standouts from today’s action included gains from old tech such as Microsoft (MSFT) and Cisco (CSCO) both adding more than 1% on the day. Aerospace giant Boeing (BA) popped more than 2% to lead the industrial sector.
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