Late-Day Rally Saves Us from Six in a Row

Thanks to a late-day rally, the S&P 500 avoided its sixth daily down day in a row. By the closing bell, the S&P 500 advanced 0.23%. A small gain, but we’ll take it. The next test for the market will be the inflation report which is due out tomorrow morning.

Today’s gains were heavily tilted toward energy stocks. The S&P 500 Energy index was up nearly 3% today. What’s interesting is that after so many years of lagging, the Energy Index no longer makes up much of the overall S&P 500.

Schlumberger was up about 5% while ExxonMobil closed higher by 2.5%. Many banks also did well. Outside of that, it was a pretty flat day. On our Buy List, Thermo Fisher Scientific (TMO), Trex (TREX) and Abbott Labs (ABT) made new 52-week highs.

For tomorrow’ inflation report, Wall Street expects a 0.4% increase for headline inflation and a 0.3% increase for core inflation.

Posted by on September 13th, 2021 at 4:47 pm


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