Repatriated Cash Send Stocks Surging
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after repatriated cash send stocks surging. 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 “You’ve got a bullish start to the earnings season and earnings are expected to be strong for 2018,” said Adam Sarhan, CEO of 50 Park Investments. He added: “The very strong underlying trend for the market remains in place.” Equities closed lower on Tuesday after a sharp reversal from record levels.
The S&P 500 (SPY) popped 0.94% today as repatriated cash send stocks surging. S&P sector advancers led decliners by 10 to 0. Advancers were led by technology (XLK) +1.50% and consumer staples (XLP) +1.11%. Consumer discretionary (XLY), energy (XLE), financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB), real estate (XLRE) and utilities (XLU) all were up on the day but by less than 1%.
The Dow Jones index surged 322 points today ending the session at 26,115. The Nasdaq had similar success rising by 74 points closing at 7,298.
Ivestors pushed stocks to fresh record highs after Apple announced it planned to repatriate billions in overseas cash.The Dow gained 322 points pushing it past and closing above 26,000 for the first time. With the S&P 500 companies that have reported as of Wednesday, 78% have beaten EPS estimates and 89% have beaten estimates on the top line according to Earnings Scout.
A strong day for big names in the market. Apple (AAPL) and Microsoft (MSFT) had gains of over 1%. Exxon Mobil (XOM) added 1% on the back of WTI crude oil gaining 0.25%. Discretionary was lifted by gains of more than 1% from Home Depot (HD) and Disney (DIS). Healthcare was helped by UnitedHealth (UNH) 2% advance. Finally, Boeing (BA) continues its record run by adding more than 1%. Boeing is up over 102% over 1 year.
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