SPY Rebounds to Rise 2.51% on September 8
SPY rose by 2.51% on September 8
The SPDR S&P 500 ETF (SPY) rebounded on September 8 and rose by 2.51% after a trailing five-day return of -0.12%. The US broad market saw stocks rally on Tuesday as the market opened after Labor Day weekend. Each of the component sectors of the SPDR S&P 500 ETF (SPY) was in green territory. The below graph shows the component sector performances of the SPY.
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The healthcare sector, the technology sector, and the industrial sector were the top performers on September 8.
Regeneron Pharmaceuticals (REGN), Amgen (AMGN), and Endo International (ENDP) were the top gainers from the healthcare sector on Tuesday. They returned 8.55%, 5.13%, and 4.92%, respectively, on the day.
Similarly, Microchip Technology (MCHP), Xilinx (XLNX), and Analog Devices (ADI) rallied from the technology sector. These stocks belong to the semiconductor industry and rose by 9.41%, 6.71%, and 7.06%, respectively, on September 8.
The industrial sector also showed a rebound on September 8, and its top stocks were Delphi Automotive (DLPH), Dover (DOV), and CSX (CSX). The stocks at the bottom were Denbury Resources (DNR), Netflix (NFLX), and Yahoo! (YHOO). These stocks yielded -6.18%, -3.89%, and -2.15%, respectively, on September 8.
US investors showed confidence
Despite the volatility in stock markets around the world, US investors displayed confidence that led stocks to rally on September 8. China spent its forex reserve to bolster the value of the yuan. The US employment report indicated the strong economic health of the country. Oil prices fell further and uncertainty of the Fed’s rate hike is still prevailing. Amid these circumstances, US investors seemed to be less panicked, which was evident in the sector components of the US market going green on September 8.
In the next article, we’ll look at the top stocks in the US stock market on September 8.