“Tuesday’s rally on Wall Street, which followed a brutal selloff during the previous session, was running out of steam, with the main indexes paring half of the opening gains,” Anora Mahmudova and Sara Sjolin report for MarketWatch.
“Equity buyers, who stepped in after China’s central bank cut interest rates on Tuesday, appeared less convinced by the afternoon session,” Mahmudova and Sjolin report. “‘While stocks are up 2%, that is less than where futures were trading, so today’s bounce feels frail and unconvincing,’ said Michael Antonelli, equity sales trader at R.W Baird & Co.”
“The CBOE Volatility index otherwise known as the Wall Street’s fear gauge, fell 24% to 30, but still remains at elevated levels last seen in October. The S&P 500 came off its highs and was up 28 points, or about 1.3%, to 1,917,” Mahmudova and Sjolin report. “The benchmark index fell into correction territory on Monday, after sliding to its lowest level since last October. The Dow Jones Industrial Average gained 245 points, or 1.5 %, to 16,115, with nearly all 30 components climbing, after three days in which all fell. The Nasdaq Composite advanced 94, or 2.1% to 4,621.”
After touching $111.16 earlier in the day and notching over $108 as of 3:05pm EDT, Apple (AAPL) shares ended the regular trading session up a mere 62-cents, or 0.60%, at $103.74.
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MacDailyNews Take: Just when you thought we were easing into the station, this rollercoaster never ends!