Stocks have come all the way back to a record, ending one of their fastest and fiercest round trips in history. Here are the front-runners in this epic comeback.
the S&P 500 to a new record close on Tuesday. The index surged nearly 600 points in the span of four months, from a Christmas Eve low of 2351.10 all the way to 2933.68 at Tuesday’s close.
The comeback is being led by the technology sector, the best performer among S&P 500 sectors with a nearly 37% gain since Christmas Eve. Consumer discretionary and industrial sectors have also scored returns of more than 30% since the late 2018 plunge.
Netflix has rallied a whopping 63% from its December lows, the front-runner of the so-called FANG names. Fast-casual food chain Chipotle has skyrocketed 82% as the company crushed Wall Street expectations with its earnings and turnaround plan. Advanced Micro Devices, Hanesbrands and Xerox Corporation also staged stellar comebacks.
Petroleum refineries company Hess Corporation is the biggest winner in the S&P 500, rebounding more than 85% from the Christmas Eve low. The company benefited from oil prices’ great turnaround from December lows on worries of excess supply and a global economic slowdown.
— With reporting by Gina Francolla