The S&P 500 turned around a 1.55% decline at the lows this morning to finish higher on the day by 0.44%. It was actually just the 37th time since 1983 that the S&P has reversed a 1.5%+ decline before 11 AM ET and rallied 1.5%+ to finish higher on the day. And even more remarkable is that this already happened earlier this month on February 3rd!
So what led the turnaround? Below we show the performance of the ten S&P 500 sectors today. For each sector, we show its decline at its low for the day, its rally from its low to the close, and its full day’s change.
As shown, the Energy sector rallied the most off of its lows at 3.12%, followed by Technology, Consumer Discretionary and Materials. The three defensive sectors — Utilities, Consumer Staples and Telecom — rallied the least. Notably, the only sector that couldn’t manage to close higher on the day was Financials, which finished down 20 basis points on the day.