(Repeats from Friday, no changes to text. Adds chart) ** S&P 500 gains 10.3% for its best week since Mar 2009. US jobless claims come in less than investors’ worst fears and focus stays on $2.2 trln stimulus bill approved by lawmakers ** Indeed, it may have been time for a turn, just as there may have been fear fatigue ** That said, there will be tests and trials, as the indices stand, but stagger, and try to put volatility back in the box ** In the end, traders assess the bounce ** Every sector rallies as utilities and industrials lead relief rally; growth vs value goes from one battle line to the next ** Industrials surge 15.4%. Boeing shoots up 71% on hopes of MAX production restarting by May . Beaten-down airline stocks rebound as Senate passes $58 bln aid bill. Delta Air Lines and American Airlines both rise at least 35%, while ARCA Airlines Index soars ~27% ** Energy leaps 12.2%. Oil prices climb on Fed steps to support economy ** Financials pop 11.8%. Sector rises on hopes of federal rescue package aimed to soften blow from COVID-19 pandemic ** Consumer discretionary jumps 11.1%. Beleaguered hotels, casino operators and restaurants rise as dramatic fiscal and monetary stimulus measures ease fears . But cruise lines sink Fri on reports of exclusion from coronavirus relief bill ** Tech advances 10.5%. Apple gains despite another broker PT cut, though U.S. trade regulators waive tariffs on smartwatch. Micron surges 20% after Q3 rev forecast beat Philly chip index gains ~15% ** Meanwhile, individual investors are still solidly bearish, but eyeing tech ** SPX sector performance YTD: (Reporting by Lance Tupper and Terence Gabriel)
Add Comment