Comeback puts stocks back into long-term trend

A trader works on the floor of the New York Stock Exchange
Andrew Burton | Getty Images
A trader works on the floor of the New York Stock Exchange

A stock market rally has placed many equities back near their long-term uptrend. Here's what's leading the gains.

Since reaching a two-year low on Feb. 11, the S&P 500 is up nearly 11 percent as fears of a global economic slowdown subsided, prompting investors to jump back into the market.

In fact, from the market lows, investors stepped in to buy the stocks that were hit hardest in the sell-off earlier this year: materials, financials and energy names, pushing those three groups up more than 13 percent.

Other sectors like consumer discretionary, industrials and tech are also in the mix, up more than 10 percent in the past month.

On the back of those strong moves, highly shorted stocks like United States Steel and J.C. Penney, for example, are now up over 60 percent in the past month.

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