September 28, 2021, 12:45 am EDT
Energy and Financial Rally
Energy (ETF: XLE) +3.6% and financial (ETFL XLF) +1.4% sectors rallied today to boost the Dow Jones Index with 71 gains or +0.2%. It stood out compared to tech-focus Nasdaq (-0.6%) and S&P 500 indexes (-0.3%).
There were many big winners in the energy sector as shown. Global demand for oil and natural gas was the driving force behind it. It could continue for the next few months.
Rising interest rates environment with higher chances to see US Fed begin its tightening cycle in the coming months boost bankers like Bank of America (BAC) +2.7%.
But the overall performance of the stock market was still on the weak side. All major indexes, DJIA, Nasdaq, and S&P 500 are hovering around its 50 day-moving-average. Thus, we shall see how they behave with respect to the 50 DMA line to determine if the rebound is successful or not.