Today’s stock market rally is a dead cat bounce
Banks and insurers slammed by hurricane news yesterday recovered slightly this morning
Almost all of the 57 point increase in the Dow-Jones Industrial Average at 11 am came from three names (Goldman Sachs, Travelers, and Home Depot). Banks and insurers got crushed yesterday as bond yields fell sharply and Hurricane Irma neared the continental United States. Goldman and Travelers were among the worst performers, and bounced off the bottom this morning.