Stocks Post Best Weekly Gain Following Correction
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after stocks post best weekly gain following correction. 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:
“Risk continues to be on despite some spotty data and continued bearish sentiment,” Michael Block, chief strategist at Rhino Trading Partners, said in a note to clients. “The very happening of the recent volatile episode makes more volatility more likely, but that doesn’t make it a given.”
The S&P 500 (SPY) barely moved from the flatline closing 0.04% higher today as stocks post best weekly gain following correction. S&P sector advancers tied decliners 5 to 5. Consumer staples (XLP), healthcare (XLV), industrials (XLI), real estate (XLRE) and utilities (XLU) all posted small gains of less than 1%. Consumer discretionary (XLY), energy (XLE), financials (XLF), materials (XLB) and technology (XLK) all had minor losses of less than 1%.
The Dow Jones index moved forward by 19 points today, regaining 4% this week finishing at 25,219. The Nasdaq snapped a 5 day winning streak losing 16 points settling at 7,239.
The S&P 500 gained 4% this week (best weekly gain in 5 years) after stocks fell into correction territory last week (-10%). Both the Dow and the S&P extended a six day win streak. Stocks posted gains despite news breaking of 13 Russian nationals being indicted for allegedly interfering in the 2016 Presidential election…but emphasized no support to the Russians by Americans. The 10 year bond yield falls back from a 4 year high settling at 2.87%.
Some notable S&P 500 movers…
- FB -1%
- JNJ +1%
- DIS +1%
- UNH +1%
- ABBV +3%
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)
S&P 500 Sector Heat Map