US stocks rally 2%
- S&P 500 up 59 points (or 2.1%) to 2803
- Nasdaq up 2.7%
- DJIA up 2.1%
- Toronto TSX up 0.8%
Is this the start of a turnaround or a dead-cat bounce? Who knows but that’s a big rally. The index erased a week of declines in a single day. I think the optimistic comments about getting a deal from Lopez-Obrador were the main driver but the market also liked a slight dovish slant from Powell.
Technically, the S&P 500 reclaimed the 200-day moving average, the late-March low and the May low… all in one day.