Stock Market Update

[BRIEFING.COM] The major averages trade just below their highs with the S&P 500 up 0.5%.

For the second day in a row, the market has displayed resilience, overcoming its early weakness. That price action is likely diverting some funds from countercyclical sectors into ones that are more likely to benefit from rising risk tolerance.

The consumer staples sector (-0.6%) is at the bottom of today's leaderboard. Roughly half of its components trade in the red with Kroger (KR 66.60, -1.61, -2.4%), Coca-Cola (KO 70.91, -1.09, -1.5%), and Philip Morris (PM 180.12, -2.63, -1.4%) among the laggards while Estee Lauder (EL 68.65 +2.00, +3.0%) outperforms, seeking its best close since early March.