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Here we go again ...
(investing.com)
Here we go again.
After ripping higher earlier in the day, stocks started to roll over in a replay of Tuesday's ugly close. With less than an hour to go in the trading day, the Dow was up as few as 50 points; earlier the Dow had been up as many as 360 points.
But of course, since the market is just whip-sawing all over the place, with about 30 minutes left in the day the Dow was up 200 points.
After the stock market had one of its best days in years on Wednesday, markets added to those gains throughout the day before beginning to roll over late in the day.
Crude oil was also a big gainer on Thursday, adding more than 10% after having slumped below $38 a barrel earlier in the week.
The US got two solid pieces of economic data, as initial jobless claims remained near post-crisis lows and the second estimate of second-quarter gross domestic product showed the US economy grew more than initially estimated.
On Wednesday, the Dow gained 619 points, its third-best ever gain on a points basis, while the S&P 500 gained 3.9% in its biggest rally since November 2011.
After a rally early Tuesday faded into the close, Wednesday saw the opposite result in the final hour of trading, with stocks exploding higher. So even though gains were seen Wednesday, extreme volatility is still the main theme in markets.
Overnight on Thursday, stocks in China rallied about 5%, ending a streak of three straight ugly declines.
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