The Chicago Mercantile Exchange (CME) and the Chicago Board of Options (CBOE) rallied double digits today rising 11% and 13% respectively as financials and the exchange sector recover from a massive sell-off. Investors around the globe went bargain hunting for oversold stocks and were digging for value in solid companies that were ravaged by the sell-off.
Both Chicago Exchanges have been under pressure as the Financial Sector was pummelled by sellers who seemed to exit every good company with vigor and zest hitting any bid they could find. The CBOE had a nice spike from the low.
Not since the 1920s have we experienced this type of volatility and market moves in this short a period. Financial stocks like these have been beaten down badly during Covid-19 and investors started buying value stocks after the Senate passed the bailout bill, and it looks like the American worker will survive the nightmare that is impacting the economy.
