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Stocks Rally After Selloff |
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Written by Value Seeker
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Tuesday, 29 July 2008 |
On Monday, traders sold off the market, sending the Dow down by 250 points. Today, after a sharp drop in oil prices, the market roared back, erasing yesterday's losses.
The market was led by the financials. The XLF, an ETF that tracks the financial sector, was up 7.44%. Financial stocks, as a whole, have had a highly negative correlation with oil prices. When oil goes up, they drop. When oil drops, financials roar.
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