S&P 500 Surges 53 Points: These Struggling Sectors Are Driving Stocks Higher Today
While tech stocks have led much of the stock market recovery from the March crash, the energy and financial sectors have lagged. However, today's 53-point gain by the S&P 500 Index (SNPINDEX: ^GSPC), good for a strong 1.6% move higher, was driven by the laggards; the Energy Select Sector SPDR ETF (NYSEMKT: XLE) and Financial Select Sector SPDR ETF (NYSEMKT: XLF) gained 2.6% and 2.3%, respectively.
Laggards leading the way today were oil producers Devon Energy (NYSE: DVN), and Diamondback Energy (NASDAQ: FANG) up 11.1% and 5.3%, respectively, while financials including asset manager Invesco (NYSE: IVZ), insurer Lincoln National, and regional bank Regions Financial (NYSE: RF) shares led the sector with 6.3%, 4.7%, and 4.6% respective gains. Boeing (NYSE: BA), another laggard in a struggling industry, also had a good day, with shares up 6.4% on expectations the 737 Max is set to return to the skies soon.
Laggards led the way today. Image source: Getty Images.
Source Fool.com
