The market’s Monday rally picked up steam in late afternoon trading.
The Dow gained 500 points, or 1.2%, at around 2:30 p.m. ET. The S&P 500 was up 1%. Even the Nasdaq Composite, which was weighed down by struggles among Big Tech stocks, was up 0.8%.
Wall Street was in the mood for some dip buying in the afternoon: Only 31 S&P 500 stocks were falling, while only two Dow stocks were down. All 11 major S&P 500 sectors were rising, and most were up 0.9% or more.
Another sign of stellar breadth was a 1.6% gain for the Invesco S&P 500 Equal Weight ETF. The ETF counts every stock the same. Most of the Mag 7 stocks had pared their declines, though Tesla was still down 5.1%. Nvidia was down 1.9%, followed by Meta with a drop of 0.8%. Alphabet and Amazon.com were down just 0.2%. Microsoft and Apple were up 0.6% and 0.3%, respectively.
BTIG Chief Market Technician Jonathan Krinsky writes that upside volume was recently 88% after a 90% upside day on Friday.
“At this point we would view the action as constructive near-term, and reiterate our thoughts that [the S&P 500] should retrace back towards the 5800-5900 zone,” he writes.
The index was trading near 5700 after the latest move higher.
