The stock market came roaring back today led by the stock prices of companies that are benefitting from the Roaring 2020s. Strong results and guidance from Micron Technology boosted shares 9% today, while lifting other chip and semiconductor equipment stocks (chart). Micron is the largest US memory chip maker. Its chips go into a wide range of products.
The rally since the correction low on October 27 has been breathtaking (chart). Here is the performance derby of the S&P 500 and its 11 sectors since then: Real Estate (22.9%), Consumer Discretionary (21.1), Financials (18.7), Information Technology (18.7), Industrials (16.9), Communication Services (15.8), S&P 500 (15.3), Materials (13.8), Health Care (9.3), Utilities (6.4), Consumer Staples (6.4), and Energy (-0.2). Six of the 11 sectors have outperformed the market.
