Stock Trading: Traders Go Bargain-Hunting, Bid Energy, Bank Shares Higher
As oversold as the stock market had become, it is little surprise to see buyers rushing into the market to buy stocks that had been reduced to major oversold lows in many instances. While energies were typically among the biggest beneficiaries of the buying, traders were also active in the market for beaten-down financial stocks like^C^ and ^MS^, both up more than 2%.
Here are 7 Stocks You Need to Know for Friday.
Buying on Thursday helped ^KO^ rally into strength above the 5-day moving average. The stock had closed lower for five out of the past six sessions, including four in oversold territory.
Shares of ^SLB^ rallied to their highest closing levels in more than a month. The oil and gas equipment and services company gained more than 2% in Thursday’s trading.
Soaring by more than 6% to lead the S&P 500 in Thursday’s session were shares of ^IPG^. The stock had closed lower for five out of the previous six trading days.
Up more than 3% ahead of trading on Friday were shares of ^ATI^ (below).
ATI was one of the stocks highlighted yesterday in the Subscribers Only section of 7 Stocks You Need to Know.
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One of the better performing big financials on Thursday was ^WFC^ (below).
Wells Fargo has been trading below its 200-day moving average since early May. Nevertheless, persistently oversold conditions have encouraged buyers to bid shares higher ahead of trading on Friday.
Up more than 2% and rallying into strength above the 5-day moving average on Thursday were shares of ^MON^ (below).
MON had closed lower for five out of the past six trading days, including two in oversold territory above the 200-day moving average, before Thursday’s big bounce.
Shares of ^VRTX^ plunged by more than 9% ahead of trading on Friday. VRTX had closed lower for three days in a row before selling off sharply to close at its lowest level since April.
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David Penn is Editor in Chief of TradingMarkets.com