Since the Bottom - Part II

Approaching New Highs:

As we mentioned earlier today, the major indices have posted strong gains during the current 3-month old bull market. This comes as the S&P flirts with a 7-month high, the Dow tests its January highs, and the Nasdaq hovers at 8-month highs.

>> Biggest Gainers / Losers Since the March Bottom

Still a Steep Mountain to Climb

However, while the markets have advanced significantly off their lows, there is still a long way to go. Although the Dow is now 34% and the S&P is 39% off their March 9 bottom, they both have only recouped 47% of the losses incurred in the 6-month period following Lehman’s bankruptcy (9/15/08-3/9/09). The Nasdaq (up 46% since March 9) has fared a bit better, now having recovered 58% of its post-Lehman bankruptcy losses. Keep in mind too that the indices are still even further away from their all-time highs set back in October 2007.

Sectors Rising Since the Bottom

The strength over the past 3 months has come amid more stability in the financial industry and the resurgence of the reflation trade as commodity prices have rebounded to multi-month highs. Unsurprisingly, financials and materials are two of the best sectors since the March 9 bottom.

Here’s how the major sectors have performed since the market’s lows in March:

S&P 500 Sectors Since March 9

  • Financials +98.1%
  • Industrials +53.8%
  • Materials +52.3%
  • Consumer Discretionary +50.4%
  • Technology +44.3%
  • Energy +30.2%
  • Consumer Staples +20.9%
  • Utilities +20.0%
  • Healthcare +15.9%
  • Telecom +15.5%

Other Major Sector Indices Since March 9

  • Cyclicals +109.5%
  • Banks +91.1%
  • Insurance +81.1%
  • Brokers +81.1%
  • Oil Services +64.0%
  • Housing +55.9%
  • REITs +53.3%
  • Natural Gas Stocks +49.5%
  • Defense +49.4%
  • Healthcare +48.8%
  • Retailers +46.9%
  • Semis +46.5%
  • Airlines +36.2%
  • Consumer +33.0%
  • Oil Stocks +27.5%
  • Gold Stocks +26.9%
  • Biotech +23.9%
  • Drugs +15.9%

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