Late rally takes some of the sting away from the sharp declines today

Technical Analysis

Rate cut hopes into the weekend helps erase some of the declines on the day.

A late rally has taken some of the sting away from the sharp decline today in US stocks. The Dow industrial average was down close to 894 points an hour before the close. The index is still down around -250 points but well off those low levels.

The final numbers are showing:

  • The S&P index -51.46 points or -1.7% at 2972.46. The index was down over -4% at its lows. So the late day rally erased a lot of those declines.
  • The NASDAQ index is closing down -1.87% or 162.97 points at 8576.61. The low for the day reached 8375.13. The high reached 8612.359. At the low, the index was down -4.16%
  • The Dow industrial average is closing down -255.69 points or -0.98% at 25865.59. The low price reached 25226.62. The high price extended to 25994.38. At the session low the Dow was down -894 points or -3.43%.
Rate cut hopes into the weekend helps erase some of the declines on the day.

For the week the major indices actually close higher with lots of volatility in between (I would guessed it a closed lower.

  • Dow industrial average rose 1.79%
  • S&P index rose by 0.62%
  • NASDAQ index rose by 0.1%
The 5 day changes in the major indices

The year to date changes are showing:

  • Dow industrial average, -9.37%
  • S&P index, -8.0%
  • NASDAQ index -4.42%

Going back one year, the late day rally push the Dow industrial average back into the positive after dipping negative for the year:

  • Dow industrial average is up 0.75% year on year
  • S&P index is up 7.25% year on year
  • NASDAQ index is up 14.25% year on year

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