U.S. stocks are down about 7 percent from their most recent high reached in late October, led to the downside by financial, material and energy companies.
The S&P 500 [.SPX Loading... () ] is down 7 percent from Oct. 27, when the market reached a three-month high.
Similarly, the Dow [.DJI Loading... () ] has lost about 611 points, or 5.4 percent, during the same period, while the Nasdaq[COMP Loading... () ] is down 7.9 percent (mid-cap and small-cap companies have also dropped over 7 percent).
The recent pull-back in the market comes after a major rally last month, when the S&P 500 rose 10.8 percent, posting its best monthly gain since December 1991.
Art Hogan, managing director at Lazard Capital Markets, believes that expectations on issues ranging from the European-debt crisis to the failed efforts to reduce the mounting deficit in the U.S. could not get any lower; therefore any positive catalysts could help the market go higher.
The table below highlights the stocks that have fallen the most among financial, material and energy companies. Hogan recommends looking at the commodities complex for some buying opportunities.
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