Yahoo Finance is reporting: “Stocks have rebounded from a rough April, led by two sectors that typically outperform when the economy is in a downturn.
Since April 16, around when the S&P 500 (^GSPC) hit its recent bottom, Utilities (XLU) have led the charge, rising nearly 12%, accounting for all of the sector’s gains year to date. Consumer Staples (XLP) stocks have risen almost 5% in that same period, while the S&P 500 is up about 2.7%. Wall Street strategists said the two sectors are likely catching up after a dismal performance to start 2024.”