Daily Market Update
with JJ Kinahan

5 min read

Comeback Kid? Early Plunge Mostly Erased, But Geopolitical, Earnings Fears Persist

(Tuesday Market Close) What a wild day on Wall Street. While the market did finish moderately lower, the big story was a major reversal that brought indices back to nearly even at one point following a huge early plunge.

After tumbling more than 500 points early on, the Dow Jones Industrial Average ($DJI) and other major indices came roaring back at midday, with the $DJI at one point coming within 30 points of the flat line. The markets still finished a good deal lower, but well off the early lows. 

There didn’t really seem to be much of a fundamental catalyst behind the reversal. Instead, technical factors might have played a bigger role. Buying interest appeared to perk up across the market once the S&P 500 Index (SPX) posted a new five-month low underneath 2710—the level hit more than a week ago. The SPX then flirted with that mark for a while before investors came pouring back into the FAANG stocks, with the rally spreading from there.

This is the biggest intraday turn-around in months, and from a technical standpoint could point to some possible strength in the charts. That doesn’t mean the pressure is over, because there’s still plenty of geopoli

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Daily Market Update

Previous Daily Market Update articles

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Worry Starts To Grow Amid Geopolitical Rumblings, Earnings Misses October 18, 2018 5:00 PM   |  

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