Investors could be forgiven for feeling giddy with all the ups-and-downs the market has been taking of late. Yesterday the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) finished the session down 1.86%, which was above Monday's close but still meant most of Tuesday's recovery was wiped out.
Few sectors were spared in the market-wide sell-off — even the defensive Woolworths (ASX: WOW) underperformed, falling 1.97%.Resource stocks were hit even harder, with BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) both down close to 3%.Tuesday's decision by the Reserve Bank of Australia to hold the cash rate steady perhaps provided some support for the banking sector with the strongest performers, National Australia Bank (ASX: NAB) and Commonwealth Bank (ASX: CBA), losing 1.85% and 0.5% respectively.
Foolish takeaway
Volatility appears to reign on the bourse at the moment. One day the market is dropping like a stone, the next day it is racing up and the following day it's straight back down again. Thankfully, many readers aren't foolish enough to try and trade the market, so this volatility can either act as a friend when it produces attractive prices or otherwise be ignored. By ignoring the day-to-day noise of the market, investors have more time to hunt for high quality, growing, and high dividend yielding stocks.
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Motley Fool contributor Tim McArthur does not own shares in any of the companies mentioned in this article.
