Rough Week for Shorts as Banks Send S&P 500 to Four-Month High
- Goldman Sachs Index of most shorted in best week since March 4
- Financials lead S&P 500 groups after earnings beat estimate
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In an already brutal two months for short sellers, this week was one of the hardest.
Despite the start of what will probably be the worst earnings season in seven years, advances in bank stocks, energy companies and industrials sent the Standard & Poor’s 500 Index to its highest level in four months. By mid-week, investors began to snap up companies whose prospects are tied to an expanding economy, leaving behind defensive shares that had been the market’s most consistent winners.