The S&P 500 Gains Back 6%

The stock market had a decent recovery today. The S&P 500 gained 6.00%. Of course, we’re still a long way in the hole. The market was helped today by the Federal Reserve announcing “it would launch a lending facility to support short-term commercial-debt markets.”

Ryan Detrick tweeted out a great stat. Officially seven consecutive days the S&P 500 changed at least 4% (up or down) on a closing basis. This tops the previous record of six days from November 1929.

At one point today, the Dow dipped below 20,000. This was an odd day in that defensive stocks led a big up day. The top-performing sector today was utilities which were up 13.11%. That’s amazing.

Our Buy List had another strong day in terms of relative strength. We beat the S&P 500 by more than 1.5%. Yesterday, we beat the index by nearly 2%. It’s unusual that we part ways so strongly from the broader market, but these are unusual times.

Stepan (SCL) was up over 20% for us today. In the last three days, SCL has gained over 39%.

Posted by on March 17th, 2020 at 7:14 pm


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.