Fear has turned into FOMO. Bear market rallies can be intense.
A strong ISM services report healed recession fears while a drop in the prices paid component cooler inflation worries. Add in impressive equity momentum and it was a banner day, led by tech.
- S&P 500 up 64 points, or 1.5%, to 4162
- Nasdaq +2.6%
- Russell 2000 +1.4%
- DJIA +1.4%
- Toronto TSX +0.3%
In terms of levels, the June high of 4177 is important short-term resistance with many eyes on the 200-day moving average beyond that.