09 Aug 2002 Recovery Any Slower and We Back Up
Posted at 15:58h in The Friday BriefJuly was the worst month for the S&P 500 since September 2001. Few stocks were spared abuse. Most of the best performers were stocks bouncing off oversold bottoms as telecommunications and technology stocks were among the leaders. As mentioned in last weeks’ Brief, short covering accounted for most of the gains in stocks. Lately, though, market specialists say they are seeing some real buying. It may be due to money managers re-balancing their portfolios towards equities as bonds have become over-weighted during the past couple of years.