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US stock market rebounds after horror plunge yesterday
07 Febrero 2018, 04:35 | Martinez Canez
Dow Jones futures fall by 600 points after massive Monday sell-off
The S&P 500 is 1.9 percent higher with tech as the best-performing sector.
Market professionals warn that the selling could continue for a bit.
Some strategists view it as a healthy pullback after a rapid run-up in the start of the year and strong 2017 gains, and say the improving economic outlook is a positive for stocks overall. "It's not as if something like 2008 or financial Armageddon is coming".
Analysts are pointing to an employment report by the government as the main reason for the sudden sell-off. The increase was greater than anticipated and may lead to higher inflation, and the Federal Reserve could respond by raising interest rates, The Wall Street Journalreported. The markets have heated up in the past year, and some saw yesterday's downturn as a needed correction. Bond yields usually go down as demand rises, and thereby causing prices to go up.
"We've seen that optimism in small businesses, we've seen that optimism with investors and consumers - maybe too much so".
Even after Tuesday's gain, the S&P 500 is still down 6.2 percent from the recent record high it set on January 26.
"The market is probably trying to find a bottom", said Bill Lynch, director of investment at Hinsdale Associates.
A global stock market sell-off wiped billions of dollars from corporate values overnight.
"We have higher earnings due a lot to new tax rates, but a lower multiple", he said. "But fundamentally, we don't see any new news".
The rise in bond yields, fuelled by a surging United States economy and corporate earnings, has spooked traders, anxious that the Fed will raise borrowing costs more than the three times initially expected this year.
"It means that there are more investors with a negative view on the market in the long term", said Oh Hyun-seok, a market analyst at Samsung Securities. Shares of the companylost more than 3% after the miss.
White House press secretary Sarah Sanders downplayed the stock market drop as a part of a normal seesaw of the market but maintained that the overall direction of the economy under Trump is strong.
The moves comes as many analysts entered 2017 predicting a volatile year after markets have been in a euphoric state, gathering pace since the United Kingdom voted to leave the European Union and Donald Trump was voted as US President in 2016. He has stayed silent in the face of market gyrations over the past week.
The pan-European FTSEurofirst 300 index lost 2.50 percent and MSCI's gauge of stocks across the globe shed 1.55 percent. The FTSE is anticipating a 3.5% drop, while Nikkei falls by almost 5% demonstrating the knock-on effect of USA decline.
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It's going to be a pretty insane atmosphere and we just have to be ready to go". "When we get in trouble, we quit passing". But February will determine just how seriously the Buckeyes can contend this season.
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Temperatures will also be cold , with temperatures around 17 degrees by late afternoon and wind chills dropping to around zero. This will keep snow and wintry mix amounts to a minimum for the I-95 corridor, with a coating to 1-inch being the best bet.