It was all about the regional bank stocks once again today. They soared in the pre-market but the market open turned out to be a top. The selling was moderate at first but picked up in the US afternoon to the point where several of the target names were in negative territory and the index barely positive.
The CPI report was largely in-line but the market breathed a sigh of relief that it wasn't so hot that the Fed has to hike.
The Russia-US drone incident got some credit for equity selling but that's a stretch for me. In any case, the bleed in the banks spread to the broader market and briefly knocked the DJIA into negative territory. However some strong buying the last 20 minute of trade led to some big gains overall.
Closing changes:
- S&P 500 +1.6% (up 60 points to 3916)
- Nasdaq +2.1%
- Russell 2000 +2.3%
- DJIA +1.1%
- Toronto TSX Comp +0.5%
