‘Reopening’ stocks give S&P 500, Dow strong footing, tech names lag – Reuters
- Date: 04-May-2021
- Source: Reuters
- Sector:Financial Markets
- Country:Gulf
‘Reopening’ stocks give S&P 500, Dow strong footing, tech names lag – Reuters
The S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under pressure from declines in some high-flying growth stocks, as the rotation into cyclical and "economy reopening" stocks continued.
Economy-sensitive cyclical S&P 500 sectors such as consumer staples (.SPLRSC), energy (.SPNY), and materials (.SPLRCM) outperformed sectors housing growth stocks, including technology (.SPLRCM) and communication services, (.SPLRCL).
The largest percentage gainer on the S&P 500 was oil field services firm Baker Hughes (BKR.N), which rose 8%. Apparel retailers also finished strong, with Gap Inc (GPS.N) shares jumping 7.1% and Foot Locker Inc (FL.N) up 4.1%.
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