Stocks had run into resistance at their 200-day moving average during the prior session, but this time the broader market staged a strong, steady climb past that key technical line to settle at a three-week high.
Broad-based buying helped stocks build upon their strong start. In fact, all 10 major sectors garnered support; each finished with a gain in excess of 1%.
Only a handful of stocks failed to make gains this session. Best Buy (BBY 38.56, -2.49) and GameStop (GME 20.71, -1.17) were among the losers. Best Buy's weakness was rooted in an earnings miss for the latest quarter, but the company gave details of a plan to exchange gift cards for video game trade ins. The game exchange plan is what pressured shares of GameStop.
Advancing Sectors: Industrials (+3.0%), Tech (+2.9%), Energy (+2.7%), Financials (+2.6%), Materials (+2.6%), Consumer Discretionary (+2.4%), Utilities (+2.0%), Health Care (+1.7%), Telecom (+1.6%), Consumer Staples (+1.1%)
Declining Sectors: (None)