Wild Stock Market Reversals Put Dip-Buyers on Pace for Historic Year
- S&P 500 up an average 0.3% in sessions following down days
- Risk-on mood buoys market, reviving stocks with shaky finances
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In the 2023 stock market, when one group of companies falls out of favor, another has usually been ready to take its place. The latest winner is firms with the riskiest credit, poised for their best week since January versus their sturdier-balance-sheet counterparts.
The outperformance is happening as credit-market stress eases, helping push the S&P 500 up four of the last five days. It rose 1% Wednesday to fully erase its losses after the collapse of several regional banks three weeks ago.