The best performing S&P sector in today’s 200-point rally in the Dow Jones average is construction machinery (up 3.75% just after the opening), followed by household appliances (up 2.83%) chemicals (up 2.7%), agricultural and farm machinery (up 2.5%). The biggest loser is healthcare services, dragged down by disappointing estimates from Express Scripts (down 13% and Laboratory Corp (down 6%).
The Korean market is performing strongly, with Hyundai Motor up 3.56% overnight and Samsung up 3.54%. The Korean ETF (ticker EWY) is up 1.5% in early New York trading. At 9 times forward earnings, Korean stocks are the cheapest in the developed world.