Retailers, health care and industrial companies along with Financial and energy stocks boost the rally and chiseled solid gains on yesterdays trading session and helped to recover the previous losses on Tuesday after a wobble starts on Wednesday morning.
The dow jones industrial average, the S&P index, and the tech-heavy index Nasdaq all the three major benchmark index finished the day on a higher note and was up 1%, 0.7% and 0.4% respectively. 10 out of 11 sectors besides utilities were in the green in the S&P 500.
Pfizer Inc and UnitedHealth Group Incorporated was the top performer climbed 2.15% and 1.98% respectively meanwhile Johnson & Johnson, Travelers Companies Inc, and Microsoft Corporation declined at the end of the day in the blue-chip benchmark index.
Oil prices fueled a 1.4% gain which led Energy stocks and boosted up S&P 500. WTI crude and Brent crude both climbed 1.8% and 1.6%. Banks and retailers accounted for a big slice of the rally which led Financial stocks to jumped 0.9%, rebounding from a loss on Tuesday which is indicated by another reversal of a closely-watched segment of the so-called yield curve. In Consumer stocks, Tiffany and Kohl’s also rose 3% and 3.4%, respectively. The rising of Tiffany came after it posted quarterly earnings and beat analyst expectations. Meanwhile, Jack Daniel whiskey reported degenerating earnings and missed sales estimates for the fiscal first quarter which led the share of Brown-Forman Corp. lower. The company’s stock had risen nearly 24% this year, as of Tuesday’s close. Autodesk, network security company Fortinet, software developer Ansys and Adobe Systems were the weakest performers among the S&P 500 index on Wednesday trading session.
Even with today's rally, the major averages are still below their late July peaks. Still, two trading days left in August, the Dow and S&P 500 are down 3.1% for the month, while the Nasdaq is off 3.9%.