S&P 500 Slumps: Oil Stocks Say We Got This! Big Banks, Coronavirus Drugmakers Say Not So Fast
The S&P 500 index (SNPINDEX: ^GSPC) fell xx% on Oct. 14, a second straight day of losses as we move deeper into earnings season. The move lower today was largely a product of earnings from Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC) that didn't meet expectations, creating worries about the state of the overall economy. Add in news that Eli Lilly (NYSE: LLY) and Johnson & Johnson (NYSE: JNJ) were both pausing clinical trials on their COVID-19 therapy and vaccine candidate, respectively, and investors saw plenty of reason to sell today.
Oil stocks and industrials moved higher today; and while the Industrial Select Sector SPDR ETF (NYSEMKT: XLI) closed with bigger gains than the Energy Select Sector SPDR ETF (NYSEMKT: XLE) -- both of which track the S&P 500 components of each sector -- oil stocks dominated the list of biggest gainers today. Concho Resources (NYSE: CXO) shares topped the index, up 11% on rumors of a buyout, while Hollyfrontier (NYSE: HFC) and Baker Hughes (NYSE: BKR) shares gained almost 4%, good for the second- and third-best performers today.
Despite a bullish day for oil, the bears won out at the close. Image source: Getty Images.
Source Fool.com
