News Formal

Handicapping whether the stock market is at a turning point after Thursday's upside reversal

  • 📰 CNBC
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 72%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

That's the only fair answer to whether last week's upside reversal – violent and rare as it was in scale and speed – will prove important as a market turning point or even matter at all.

Such things are only knowable in retrospect. In the moment there literally is no answer – whether the market has turned depends on many economic developments, unforeseen bolts from the blue and crowd reactions to come. If it were a matter of purely random chance, then the U-turn from 2.4% opening drop in the S & P 500 Thursday after the disappointingly high CPI report to a 2.6% gain was probably not a decisive inflection.

But the precedent is what it is, and one could easily have said the same about the gloomy September seasonal record, which was borne out this year. When the market has been down a lot three-quarters of the way through the year, the following quarter and 12 months have tended to see stocks higher – with the glaring exception of 2008 as the financial system seized up into a credit crunch and vicious recession.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market Today: Dow Closes Up 800 Points, U.S. Stocks Rally Following Inflation DataIn a major turnaround, the Dow closed up more than 800 points after investors shook off hot inflation data Sounds healthy passed this time
Source: WSJ - 🏆 98. / 63 Read more »

Why CPI data is such a big stock-market mover this yearU.S. stocks mounted a remarkable turnaround on Thursday with the Dow Jones Industrial Average surging nearly 1,500 points from peak to trough.
Source: MarketWatch - 🏆 3. / 97 Read more »

U.S. stocks open sharply lower, Dow drops more than 500 points after hotter-than-expected inflation reportU.S. stocks opened sharply lower Thursday, with the Dow Jones Industrial Average falling more than 500 points, after the consumer-price index showed that inflation in September was hotter than forecast: Why are the analysts and “experts” always surprised by the inflation numbers? Anyone living in the real world, buying food, clothing, and other necessities for their family, knows inflation is out of control. Biden said inflation is only up an ‘inch’
Source: MarketWatch - 🏆 3. / 97 Read more »