NEW YORK - U.S. stocks rallied in late afternoon trading Thursday as investors covered short positions after a disappointing consumer prices report and as technical support helped drive a rebound.and Nasdaq were up more than 2% each, with energy and financials leading gains among S&P sectors.
Markets were sharply lower earlier in the day after the headline consumer price index rose at an annual pace of 8.2% in September, compared with an estimated 8.1% rise. Core CPI, which excludes volatile food and fuel prices, gained 6.6% last month, compared with estimates of a 6.5% rise. The reading was much higher than a 6.3% rise in August.
"People were perhaps net short going into the CPI report, and saw the report being negative and started covering their shorts," said King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco. Some strategists also pointed to some technical support levels around the 3,500 mark for the S&P 500.
It wasn’t that dramatic but definitely a move we haven’t seen since the 2008 bounce back
Lol, shorts and weak hands got f'd today 🤣
🚀Thankss a millon
Fake... its a bull trap
US elections printing lol 😂😆😂😆
i have no fucking concept of logic anymore, i have no clue how this is even happening right now. I have stopped my brain from trying to understand anymore. This makes no sense.
O nasıl gif :)
Inverse Cramer nothing else.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: AP - 🏆 728. / 51 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »