Energy Stocks Lead Market Rebound
The Dow and the S&P are having their first 4-day winning streak in 1.5 months and their best such streak since the beginning of November, rising about 2% over the past 4 trading sessions.
With those gains, the Dow is just 1% under its 32-month closing high that it set back on February 18. Meanwhile, the S&P is 1.8% away from hitting a new multi-year high. Since closing at 2-month lows less than 2 weeks ago on March 16, the two indices are each up about 5%.
Energizing the Markets
The S&P Energy sector has fully rebounded, hitting a 2.5-year high today, with a number of energy stocks hitting new highs (APC, BHI, COP, CVX, EOG, MEE, NBL). It is the first sector on the S&P 500 to regain all of losses incurred since February, rising almost 8%, outperforming each of the other 9 sectors over the past 2 weeks.
In addition, just over one quarter of the 41 stocks in the S&P Energy sector are posting double-digit gains since March 16: