Markets Right Now: Dow rises 350, erasing an early plunge

Markets Right Now: Dow rises 350, erasing an early plunge

USA stocks rallied Tuesday as a late surge helped them regain nearly half their losses from the day before, when they had their biggest plunge in six years.

The Standard & Poor's 500 stock market, a broader market gauge that is a core holding in 401 (k) plans, also fell into correction terrritory.

Pullbacks of such magnitude are relatively common and usually occur over a two- to three-month period. When people see massive losses in their brokerage accounts or 401ks, they tend to lose confidence and spend less. That makes it more expensive for companies and consumers to borrow, hampering actual economic activity. The markets have been unusually calm since late 2016, and he said investors were betting that would continue. "It's a big number". Manufacturing is rebounding. Households and businesses are spending freely.

The volatile trading session on Tuesday followed a two-day rout that wiped out the year's gains. They were last trading at 2.77 on Wednesday.

"In the absence of a recession, a deep bear market is unlikely", he says.

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New York Federal Reserve President Bill Dudley told Bloomberg News on Thursday that if the USA economy keeps getting stronger the central bank may be justified in raising rates four times this year.

Gains in industrial and consumer discretionary stocks led advances on the S&P and the Dow.

Markets have corrections when they fall 10% or more from a previous high. The S&P 500, the index that investors pay the most attention to, is in a correction, down 10.2 percent from its recent high. The market briefly recovered earlier in the week before falling again Thursday.

It's been a rough few days for the stock market. When bond yields rise, those stocks become less appealing to investors seeking income. Bonds are safer but often return less money than stocks. There are risks from moving wholesale from stocks to bonds. That's why everybody is going back and forth. "Is there more inflation down the road than we're expecting?" "Be careful what you wish for".

The yield on the 10-year Treasury bond rose as high as 2.88%, nearing Monday's highest level in four years. When bond prices go lower, their yield increases. "As it approaches 3 per cent, concerns about inflation and competition for stocks by fixed income securities are increasing". "Is the bond market telling us something we don't know?"

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Some analysts stressed that the economy remains strong, noting that the markets are fickle and have always been vulnerable to fears of what is to come.

But investors got too exuberant and stock prices ran up too much, too fast, making the market vulnerable.

Social-media company Twitter posted its first profit, and Yum Brands, Cardinal Health and Tyson Foods also exceeded earnings expectations.

This corporate earnings season has been strong. "Nothing is wrong economically".

The Dow seems to be doing better today. "This is just some healthy, and overdue, volatility to wring out any excess". These were reinforced by Friday's January U.S.jobs report that prompted worries the Federal Reserve will raise benchmark interest rates at a faster pace than expected this year.

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"Corrections are a normal part of the investing process and not a reason to sell quality investments", said Alan Skrainka, chief investment officer at Cornerstone Wealth Management in Des Peres, Missouri.

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