- Financial shares are leading the S&P 500 rally on Tuesday.
- Risk flows continue to dominate the financial markets.
After dropping to its lowest level since late July at 4,278 and losing 1.3% on a daily basis on Monday, the S&P 500 Index (SPX) opened in the positive territory on Tuesday and continued to gather bullish momentum. As of writing, the SPX was up 1.5% on the day at 4,365.
Improving market mood seems to be providing a boost to US stocks. Reflecting the positive shift in risk sentiment, the CBOE Volatility Index (VIX), Wall Street's fear gauge, is down 8.15% at 21.09.
In the meantime, the only major S&P 500 sector that's trading in the negative territory is the defensive Real Estate Index, which was last seen falling 0.55%. On the other hand, the Financials Index is the top gainer, fueled by a more-than-3% increase witnessed in the benchmark 10-year US Treasury bond yield.
Among individual stocks, ABIOMED Inc (ABMD:NASDAQ) and Invesco Ltd (IVZ:NYSE) shares are up more than 5% as the best performers so far. On the flip side, Ventas Inc (VTR:NYSE) is down 3.2% at $54.50 as the biggest decliner.
S&P 500 chart (daily)
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