The Tell: ‘Stock-market correction is over’ after broad surge amid ‘epic’ market rallies

by | Nov 6, 2023 | Stock Market

The S&P 500’s big jump amid last week’s “epic rallies” for stocks and bonds was driven in part by interest-rate-sensitive sectors that broadened the breadth of the index’s gains, putting it on course for a rally into year-end, according to Yardeni Research. “All 11 sectors gained ground last week, many enjoying their best week in nearly a year,” said Yardeni analysts led by the firm’s president and chief investment strategist Ed Yardeni, in a note Monday. “We think the stock market’s correction is over and that the S&P 500 is back on track to end the year at 4,600.”

U.S. stocks finished higher Monday, with the S&P 500 index
edging up to about 4,366 after last week scoring its biggest weekly percentage gain since November 2022. After a group of seven so-called Big Tech stocks has fueled the S&P 500’s rally so far in 2023, investors are keeping an eye out for any signs of the market gauge’s breadth broadening as it rises.  “The plunge in the bond yield boosted the valuation multiples of technology stocks as well as the more traditional interest-rate sensitive ones,” the Yardeni analysts said of last week’s rally.  Real estate was the S&P 500’s best-performing sector last week, ripping 8.5% …

Article Attribution | Read More at Article Source

Share This