Fed rate cut buoys abused sectors

— -- Nearly every corner of Wall Street benefited from the Federal Reserve's surprising half-point cut, just not by the same amount.

All 10 of the market's sectors and all but one of its industries — gas utilities — gained. But financials and home builders, two of the areas brutally punished during the stock market's recent turmoil, enjoyed more than their fair share of the sudden optimism.

Traders didn't waste any time reading into the Fed's move, taking it as a signal it's safe to be aggressive again and buy up sectors and industries deemed too risky just a few weeks ago, says John Schloegel, portfolio manager at Capital Cities Asset Management. Particular industries and sectors that benefited most:

"Lehman gave financials a kick-start in the morning, and then the Fed gave them a turbo-boost in the afternoon," says Charles Crane of Scotsman Capital. Even after the day's gains, though, the sector remains down 5.3% this year, making it the worst sector tracked by S&P.