U.S. stocks remain in a strong bull market despite recent choppiness, as the correlations between 11 S&P 500 sectors and the major index are sending some positive signs, according to DataTrek Research.
Colas said normally in bull markets, investors hope to beat the broader stock market by selecting top gainers and sectors, so corporate and industry fundamentals matter more than macroeconomic factors such as interest rates, recession risks and geopolitical concerns. A correlation value close to zero indicates a weak relationship between the two variables being compared, while a value close to one means a strong correlation between them.
The S&P 500 SPX officially exited its longest bear-market run since 1948 and entered the bull market in early June. The S&P 500 Consumer Discretionary Sector XX:SP500.25 and the Communication Services Sector XX:SP500.50 have advanced 35.5% and 44.1% year to date, respectively, compared with the S&P 500’s 16.6% gain so far this year, according to FactSet data. The S&P 500 Consumer Staples Sector XX:SP500.30 was off 2.9%, while the Utilities Sector XX:SP500.55 has dropped 10.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »