Stocks have come all the way back to a record, ending one of their fastest and fiercest round trips in history. Here are the front-runners in this epic comeback.
Strong earnings pushed the S&P 500 to a record close Tuesday. The index surged nearly 600 points in the span of four months, from a Christmas Eve low of 2,351.10 all the way to 2,933.68 at Tuesday’s close.
The comeback is being led by the technology sector, the best performer among S&P 500 sectors with a nearly 37% gain since Christmas Eve. The consumer discretionary and industrial sectors have also scored returns of more than 30% since the late-2018 plunge.
Netflix has rallied a whopping 63% from its December lows, the front-runner of the so-called FANG names. Fast-casual food chain Chipotle has skyrocketed 82% from the late-2018 sell-off as the company crushed Wall Street expectations with its earnings and turnaround plan. Advanced Micro Devices, Hanesbrands and Xerox have also staged stellar comebacks.
Oil and gas company Hess is the biggest winner in the S&P 500, rebounding more than 85% from its Christmas Eve low. Hess benefited from a turnaround in oil prices from December lows on worries about excess supply and a global economic slowdown.
— With reporting by CNBC’s Gina Francolla .