- The stock started the day off with a sharp sell-off, After dramatic selloff Stocks end higher.
- At the bottom of the session, the market was experiencing its worst day since October 2020, when the Dow fell more than 1,000 points.
- However, minutes before the end of the trading session, the leading index changed course and turned green.
- The S&P 500 (SPX), the broadest indicator of the US stock market, also rose 0. 3%. During the session, the index was on its way to correction. The Nasdaq Composite Index (COMP), which entered correction territory last week, rose 0.
- 6%. Each day last week, stocks fared worse in the final hour of trading, which tends to be a bad sign for the next day, said TD Ameritrade chief market strategist JJ Kinahan.
“Investors may be too pessimistic about the growth outlook,”
senior market analyst at Oanda
On a stormy day on Wall Street, stocks closed higher with a surprising reversal just before the close.
The stock started the day off with a sharp sell-off.
4,444 US stocks opened lower as investors worried about the Fed’s rate hike plans, Ukraine tensions, the reporting season and inflation.
At the bottom of the session, the market was experiencing its worst day since October 2020, when the Dow fell more than 1,000 points.
However, minutes before the end of the trading session, the leading index changed course and turned green.
The Dow rose 0.3%, or 99 points. What the hell happened? The sale may have gone too far.
The S&P 500 (SPX), the broadest indicator of the US stock market, also rose 0.3%. During the session, the index was on its way to correction.
But at least it shouldn’t be Monday. Last week was the worst week since March 2020.
The Nasdaq Composite Index (COMP), which entered correction territory last week, rose 0.6%.
The sharp fluctuations of the day were also seen in the CBOE Volatility Index (VIX) or Vix.
The index soared throughout the day, but the session ended “just” with a 3.2% gain.
The CNN Fear & Greed Index is still showing fear on Monday afternoon, but the level is slightly less severe than Friday.
Each day last week, stocks fared worse in the final hour of trading, which tends to be a bad sign for the next day, said TD Ameritrade chief market strategist JJ Kinahan.
“After a tough start for stocks in 2022, investors are looking for reasons to expect a rebound,” said Jeff Buchbinder, equity strategist for LPL Financial, in emailed comments. “After more than doubling off the pandemic lows in March 2020, without anything more than a 5% pullback in 2021, stocks probably needed a break,” he added. “That doesn’t, however, make this dip feel much more comfortable.”
