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Tech, Financial Sectors Show Leadership

The S&P 500 may close at its highest level since July, just before the markets explosion on the euro-crisis, the failure of U.S. lawmakers to agree on a debt extension, and the downgrade of U.S. debt by Standard and Poor's on August 5.

NYSE traders
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Helping the markets are the two sectors with the largest weighting: tech and financials.

The Tech Sector is the largest of the 10 sectors in the S&P with a weighting of 19.6 percent.

The S&P Tech Sector hit a high of 445.36 today, which puts the sector just shy of an 11-year high. The last time the S&P Tech Sector saw a higher intraday level was back on February 20, 2001, when the sector touched 446.34.

Today’s high is not even half of the sector’s all-time high of 988.49 reached in March 2000. The sector has seen significant gains this year, up more than 8 percent, driven by Apple’s out-of-the-park earnings released last week.

Financials, at 14.2 percent of the S&P 500, are also strong, with heavyweights like Citi and Bank of America up nearly 4 percent.

Finally, the Dow Industrials are only 100 points from a new 52-week high, last hit on May 2nd, 2011 (1,2876).

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