Stocks Ricochet Off Lows On Stimulus Hopes

Here is a daily recap of the S&P 500 broken down by sector followed by sector heat map as stocks ricochet off lows on stimulus hopes. 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:

Dow rebounds more than 11% in best day since 1933 as Congress nears coronavirus stimulus deal

The Dow Jones Industrial Average soared on Tuesday, logging its best day in 87 years as investors bet U.S. lawmakers would deliver soon a stimulus bill to rescue the economy from the damage caused by the coronavirus and shutdowns designed to stop its spread. It was a historic bounce coming amid a historic sell-off.

The S&P 500 (SPY) rose +9.38% today. Sector advancers led decliners 11 to 0 as shown below in the sector graph. Gains ranged from +16% to +5%, check the sector graph for specifics.

The Dow Jones index jumped +2,112 points (+11.37%) to close at 20,704. The Nasdaq added +557 points (+8.12%) to settle at 7,417.

Stocks Ricochet Off Lows On Stimulus Hopes

Stocks landed in the green Tuesday as equities rebounded off its lows as investors pinned their hopes on stimulus plan approval.

A deal was expected to be reached at some point Tuesday after failed negotiations over the last two days that sent the market on a wild trip. House Speaker Nancy Pelosi told CNBC’s Jim Cramer there is “real optimism” in Congress over a stimulus deal being reached. “We think the bill has moved sufficiently to the side of workers,” she said.

The market breadth was overwhelmingly on the positive side in a good sign this comeback could have legs. Advancers led decliners on the New York Stock Exchange by 12 to 1. Tuesday’s surge followed yet another stormy day on Monday as investors swung back to pessimism and pushed the major indexes to new multiyear lows as a procedural vote in the Senate on a stimulus bill failed for the second time in 24 hours.

Key Takeaway…

Notable S&P 500 Movers…

Below I’ve highlighted some notable S&P movers.

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.

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3/24/20

S&P 500 Sector Graph

Stocks Ricochet Off Lows On Stimulus Hopes

S&P 500 (SPY)

Stocks Ricochet Off Lows On Stimulus Hopes

Communication Services (XLC)

Stocks Ricochet Off Lows On Stimulus Hopes

Consumer Discretionary (XLY)

Stocks Ricochet Off Lows On Stimulus Hopes

Consumer Staples (XLP)

Stocks Ricochet Off Lows On Stimulus Hopes

Energy (XLE)

Stocks Ricochet Off Lows On Stimulus Hopes

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Financials (XLF)

Stocks Ricochet Off Lows On Stimulus Hopes

Real Estate (XLRE)

Stocks Ricochet Off Lows On Stimulus Hopes

Healthcare (XLV)

Industrials (XLI)

Materials (XLB)

Technology (XLK)

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Utilities (XLU)

S&P 500 Sector Heat Map

 

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