Nasdaq, S&P 500 end 2% higher in rally after US jobless data
Thu August 8, 2024 4:27 PM
Jobless claims falling more than expected sparked another robust rally today with all three indexes shooting straight up right out the gate and continuing a steady rise all day, closing impressively with mid-range 3-figure gains across the board. One week ago today, weak labor reports sparked a massive sell off due to recession worries which today have been written off as “probably a little overblown.”
As for the long-term, as stated by today’s expert, “The fact
that we’re up a lot doesn’t necessarily mean the lows are in or that we’re
going straight up from here. But looking out three months, six months, the
tendency to experience above average returns is very high.” The VIX today dropped to 24 vs 38 on Monday
in the depths of the rout. Volume was 11.98 billion, a little below the 4-week
average of 12.6 billion.
DJ: 38,763.45 -234.21 NAS: 16,195.81 -171.05 S&P: 5,199.50 -40.53 8/7
DJ: 39,446.49 +683.04 NAS: 16,660.02 +464.22 S&P: 5,319.31 +119.81 8/8
No comments:
Post a Comment