The S&P 500 was down 0.59% on the day heading into the last hour of trading, but it rallied 0.64% in the final hour to close positive on the day. Going back 30 years, the S&P 500 has been down more than 50 bps at 3 PM and then rallied more than 50 bps in the final hour to close up only 48 times including today.
So what led the late-day charge higher? Below we highlight how the 10 S&P 500 sectors performed through 3 PM as well as in the final hour of trading. As shown, Materials, Energy, Industrials, Financials and Technology were up the most in the final hour. Energy and Industrials were down the most on the day at 3 PM, so their rallies weren't enough to put them in the green for the day. Materials, on the other hand, was down just 0.63% at 3 PM, and it rallied the most of any sector in the final hour to finish nicely higher. Finally, Technology was actually up on the day at 3 PM (the only sector that was up at that point), and it rallied another 67 bps in the final hour to close up nearly 1% on the day.
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