Stocks Extend Rally - November 2, 2018

Stocks Extend Rally

11/01/18

A quiet open saw the major averages turn sharply higher this morning after President Trump tweeted out that trade talks with China were progressing rapidly. Investors scooped up beaten down stocks for a third consecutive day in a broad based rally that left only Utilities (XLU) behind. An +8.10% spike in shares of DowDupont (DWDP) kicked the Materials (XLB) sector up +2.81% while Consumer Discretionary (XLY), Industrials (XLI) and Healthcare (XLV) also outperformed. The iShares NASDAQ Biotech ETF (IBB) jumped +3.84%. A surge in semiconductors helped the tech heavy NASDAQ carve out a 128.16 point (+1.75%) gain as it settled at 7434.06. The Philadelphia Semiconductor Index rose 4.64%. The DJIA added 264.98 points (+1.06%) to 25380.74 while the S&P 500 picked up 28.63 points (+1.06%) finishing at 2740.37.