A Wild Ride So Far
Tuesday, June 30, 2009 at 04:02PM lf you went to sleep at the end of 2008 and just woke up today, you'd see the S&P 500 up 1.78% for the year and probably assume it's been a pretty boring six months in the market. Oh how you'd be wrong, however. As shown below, the market has taken investors for a wild ride so far this year. On March 9th, the index closed the day down 25% for the year. From March 9th through today's close, the index has rallied 36%. Down 25% and then up 36% turns into up 1.78% at the midway point.
And while the S&P 500 is up as a whole, only three of the index's ten major sectors are positive in 2009. Technology has been the big winner so far with a gain of 24.08%. Materials is up the second most at 12.28%, and Consumer Discretionary ranks third at 7.52%. And even though sectors like Industrials and Financials have been going up for months now, both are still down for the year. The Industrials sector is down the most at -7.68%, while Financials are down 4.76%.
While the year started off horribly for the market, it is heading into July in a nice uptrend even though it has been floundering for a few weeks now. While some investors are getting frustrated with the market's inability to break to new highs, they easily forget how bad things were just a few months ago. Up 1.78% in '09 with everything that has happened -- we'll take it!
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