Consumer-driven stocks are leading the market rebound
Consumer-driven stocks are leading the way in the market rebound since the S&P 500's Christmas Eve selloff.
Driving the news: As of Friday's close, the top 5 companies with the best returns since the S&P's 2018 low includes just one tech name, and it's Xerox.
- Within the same time frame a year earlier — Dec. 26, 2017 to March 8, 2018 — the list looked very different. 3 out of the 5 best performing stocks were tech companies: Netflix, Twitter and Seagate Technology.
What's happening: As Nicholas Colas, co-founder of research firm DataTrek, points out, many of this year's best performing stocks are "simply the names that got really clobbered" in December's sell-off.
- Xerox, Hanesbrands and Mattel all fell more than 20% during December.
- Chipotle and Coty were less beat up — dropping by around 10% each.