It was like the semi-annual running of the brides at Filene’s Basement in Boston: bargain hunters entered the markets today looking for a deal, sending stocks and exchange traded funds (ETFs) hopping.
The Dow Jones industrial average ended the day up nearly 300 points as investors went in search of deep discounts and values, reports Madlen Read for the Associated Press. That’s after a drop of more than 323 points earlier in the day.
Among the sectors that drew in investors hunting deals were financials and homebuilders, as evidenced in the one-day chart below for the Financial Select Sector SPDR (XLF) and the SPDR S&P Homebuilders (XHB). Both sectors have been posting positive numbers as of late. In the last week, homebuilders is up 20.2%, while financials are up 2.2%.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.