The Big Bright Spot in Friday's Stock Market Rout
The quick reversal in the stock market's momentum continued to gain steam on Friday morning, as major market benchmarks added to losses from Thursday's big downward move. Market participants seem to have a newfound appreciation for just how impressive the gains from the March lows have been. That's motivating many investors to take profits while stocks remain relatively close to their recent record highs.
Just before 11 a.m. EDT today, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 460 points to 27,833. The S&P 500 (SNPINDEX: ^GSPC) had lost another 88 points to 3,367, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was again the big loser of the group, falling 535 points to 10,923.
Thursday's declines were centered on the tech stocks that have driven so much of the recent rally, and Friday morning's moves weren't any different. Interestingly, one part of the market not only went unscathed by the latest downward move but actually gained ground. Below, we'll look at why financial stocks are doing well and whether they can keep outperforming even if the broader market continues to correct lower.
Source Fool.com
