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Wall Street surges as market seeks bottoming signs

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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.

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.

 

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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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