The S&P 500, Nasdaq just staged a turnaround for the ages, marking their biggest comeback since the 2008 financial crisis

It’s a return to Wall Street for the history books, a return that would make Tampa Bay Buccaneers point guard Tom Brady green with envy.

The Nasdaq COMP composite index,
+0.63%
just ended in positive territory, up 0.6% in a choppy session, after falling 4.9% to Monday’s low, the reversal marking the biggest comeback to end in territory positive since October 10, 2008, according to Dow Jones Market Data.

And the S&P 500 SPX index,
+0.28%,
which was down 3.99% on Monday, ended up 0.3%, to mark its biggest rally after falling to end positive since October 23, 2008.

It was unclear whether the turnaround in the beleaguered tech index and S&P 500 in the broad market boded well for the outlook for market volatility, but it could provide some comfort to bulls eyeing another day. punitive in actions.

At one point, the Dow Jones Industrial Average DJIA,
+0.29%,
which closed up nearly 100 points, or 0.3%, was down 1,115.04 points, or 3.3%, on the session.

There was no specific catalyst for the intraday rally, but it came as parts of the market experienced so-called oversold conditions. The Dow Industrials, for example, produced a seven-day drop that marked their most oversold reading in a key technical indicator in nearly two years, which can sometimes lead to bargain-hunting by speculative investors and traders. technical traders looking for opportunities.

The market turmoil also comes as investors prepare for a Federal Reserve meeting on Tuesday and Wednesday, in which the central bank is expected to shed some light on its tactics for tackling soaring inflation. The market was also spooked by rising tensions between the West and Russia over military buildup on the border with Ukraine.

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