Stocks Rebound After Last Week’s Chaos

The stock market is having a nice rebound this morning. Unfortunately, this is typical behavior for rough markets. You’ll often see several false rallies before the real one arrives, and you won’t know the difference until after the fact.

On Friday, the S&P 500 barely closed higher but that was after a big dip earlier in the day. The index reached its lowest intra-day level in over 14 months.

So far, it looks like banks are leading the way. Several of the big banks are up 2% or 3% in today’s trading. Banks have shown some strength compared with the overall market over the past few days, but I’m not sure if it will turn into a big trend. Many banks badly lagged the market earlier this year. JPMorgan said it may soon reach its goal of 17% return on equity this year. Earlier the bank had said it wouldn’t reach that goal for a year or two.

On our Buy List, Ross Stores (ROST) is having a modest rebound. Heico (HEI) is due to report earnings after today’s close. Wall Street expects fiscal Q2 earnings of 61 cents per share.

Posted by on May 23rd, 2022 at 10:06 am


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.