Investors Turn Blind Eye Towards Government Worries
Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map after investors turn blind eye towards government worries. 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:
Stocks opened higher on Friday but as investors assessed the possibility of a government shutdown. On Thursday, the House passed a bill to avoid a government shutdown. The bill is now in the Senate’s hands, where 60 votes are needed to send it to President Donald Trump’s desk.
The S&P 500 (SPY) rose by 0.44% today as investors turn blind eye towards government worries. S&P sector advancers led decliners by 8 to 2. Advancers were led by consumer staples (XLP) +1.12%. Consumer discretionary (XLY), financials (XLF), healthcare (XLV), industrials (XLI), materials (XLB), real estate (XLRE) and technology (XLK) all had small gains of less than 1%. Energy (XLE) and utilities (XLU) ended up in the red for the day, each dropping less than 1%.
The Dow Jones index finished the week on a positive note, adding 53 points finishing at 26,071. The Nasdaq kept adding to its gains, advancing 40 points closing at 7,336.
Both the S&P 500 and the Nasdaq hit record highs today. The thought of a government shutdown has investors hitting the pause button on the massive gains we’ve seen lately. Volatility returned to the market this week with stocks losing a massive gain in the Dow on Tuesday, ultimately closing lower.
Both home improvement retailers Home Depot (HD) and Lowes (LOW) had nice gains of over 1% to help consumer discretionary finish positive. Consumer staples was the best performing sector today with tobacco stocks Phillip Morris (PM) and Altria (MO) each contributing over 1%
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