Stocks end flat after Fed-induced selloff as early bounce fades
Thu December 19, 2024 4:32 PM
After yesterday’s big shock sell-off, all three indexes started the day with a bang, the Dow up some 450 points, trying to correct for Wednesday’s big panic. And all three stayed well in the black all day but still with quite the rollercoaster as they all also gradually sank back all day long to close more or less flat. Today’s data didn’t help the case at all, with jobless claims falling more than expected and GDP revised upwards, all of which bolstering the Fed’s view that the economy is still running too hot and inflation is still ticking up.
It all meant investors continue to be skittish in view of the shock of only two more rate cuts next year, the first likely not until June. But more calm is already in evidence after yesterday’s historic plummet with the VIX falling from 27.6 to 24.1 today. The chip index continues to fall, down another 1.6%, and volume continues to be brisk coming in at 16.3 billion, still well above the 14.5 billion average.
DJ: 42,326.87 -1,123.03 NAS: 19,392.69
-716.37 S&P: 5,872.16
-178.45 12/18
DJ: 42,342.24 +15.37 NAS: 19,372.77 -19.92 S&P: 5,867.08 -5.08 12/19
No comments:
Post a Comment