“After two huge sell-offs in a row, U.S. stocks were all over the map on Tuesday,” Fred Imbert and Alexandra Gibbs report for CNBC. “Investors blamed the wild moves on a combination of interest-rate fears, computer-driven trading and the obscure volatility funds that use leverage.”
“The Dow Jones industrial average opened with a big whoosh lower, then rallied all the way back. The Dow closed 567.02 points higher at 24,912.77 and rose as much as 600.48 points. At its session low it was down by 567.01 points,” Imbert and Gibbs report. “It traded in a range of 1,167.49 points. DowDuPont was the best performer on the Dow, rising nearly 6 percent.”
“The S&P 500 ended 1.7 percent higher at 2,695.14 with tech as the best-performing sector. The Nasdaq composite gained 2.1 percent to close at 7,115.88.,” Imbert and Gibbs report. “‘We think this is an interruption [of the bull market] rather than the start of a bear market,’ said Craig Callahan, founder of ICON Advisers. ‘We didn’t see any of the typical conditions you get for a top.'”
Read more in the full article here.
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