Wall Street surges as market seeks bottoming signs

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar

NEW YORK, Oct 17 - Wall Street's main stock indexes rallied as much as 3% on Monday, catalyzed by better-than-expected Bank of America earnings, while traders debated whether recent wild swings signaled some sort of bottom was forming after new-bear market lows were reached last week.initially nosedived to its lowest since November 2020 after hotter-than-expected consumer Prices data reinforced expectations that the Federal Reserve's aggressive rate hike path would trigger a recession. But stocks staged an epic turnaround that day with traders guessing that a range of technical and positioning factors kicked in.

Nothing changed. Inflation is high and deep recession is imminent due to delayed response from Fed.

Does this mean it's about to bottom out.

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