What Correction? S&P 500 Surges as Apple Leads Tech Stock Boom and Cruise Stocks Rise; Oil Stocks Fall
Investors apparently aren't interested in seeing another stock market correction -- at least not this week. The S&P 500 Index (SNPINDEX:^%GSPC) gained 51.9 points, or 1.6%, on Sept. 25. Today's move higher gets the index, which is broadly representative of the U.S. stock market, a little further away from correction territory. After Wednesday's close, the S&P 500 had fallen 9.6% since the high on Sept. 2, putting stocks on the verge of an official correction (the threshold for which is typically 10%).
Today's gains were broad, with more than 425 of the index's individual components closing higher. Tech and cruise line stocks in particular were the biggest gainers. Apple (NASDAQ: AAPL) and NVIDIA Corporation (NASDAQ: NVDA) shares gained 3.8% and 4.3%, respectively, becoming the best performers of the mega-cap tech giants on a great day for the tech sector. Norwegian Cruise Line Holdings (NYSE: NCLH), up 13.7%, and Carnival (NYSE: CCL), up 9.7%, climbed the most of any S&P 500 stocks today after a Wall Street analyst's bullish note.
On the downside, oil stocks continue to struggle. Apache (NASDAQ: APA) and National Oilwell Varco (NYSE: NOV) were today's biggest S&P losers, and most oil stocks finished lower.
Source Fool.com
