All 11 S&P 500 sectors closed up led by energy $XLE +4.8% top performer by a wide margin thanks to rising #oil prices.
WTI +5.0% to $83.50/bbl in response to reports #OPEC+ considering a production cut of more than one million barrels per day at Wednesday’s meeting.
Been a lot of hedging with put options, pickup in short-selling activity, extreme bearish sentiment readings. Today’s market outsized gains hot on the heels of an outsized loss last month.
Market breadth figures reflected the broad-based buying today.
Advancers led decliners by a 5-to-1 margin at the NYSE and a greater than 2-to-1 margin at the Nasdaq.
NYSE Adv 2609 Dec 530 Vol 1.0 bln
Nasdaq Adv 2877 Dec 1329 Vol 4.3 bln
A stock market can sometimes have a mind of its own and will trade off a predilection in an oversold market that will create the most bang for the buck. October, therefore, started with a bang as new money got put to work in a vast array of beaten-up stocks. Apple (AAPL 142.45, +4.25, +3.1%) was a case in point. It fell 8.1% last week on earnings concerns, but jumped 3.1% today on heavy volume and no good news of note.