Stock market launches major comeback after Dow sheds 1,000 points

SIMONE DEL ROSARIO: WHAT A STUNNING COMEBACK FOR THE STOCK MARKET AFTER MONDAY’S BRUTAL TRADING DAY. THE MAJOR INDEXES ALL ENDING IN THE GREEN.

EARLIER MONDAY THE DOW THRASHED AROUND, SHEDDING MORE THAN A THOUSAND POINTS BEFORE SURGING BACK TO END HIGHER THAN FRIDAY’S CLOSE. UP 99 POINTS AT 34,364.50.

THE S&P 500 HAD MOVED INTO CORRECTION TERRITORY, DOWN ABOUT 11% SINCE ITS MOST RECENT HIGH JANUARY THIRD. BUT IT TOO BOUNCED OUT OF IT, ENDING THE DAY ABOUT 0.3% HIGHER, OR 8% DOWN FROM JANUARY THIRD.

THE S&P 500 WAS SET TO RECORD THE WORST START OF THE YEAR ON RECORD, ACCORDING TO BLOOMBERG DATA, BEFORE CORRECTING IN THE FINAL HOURS. 

BUT IT’S STILL ROUGH SEAS. LAST WEEK WAS THE WORST TRADING WEEK SINCE MARCH 2020. AND THIS WEEK THE SELL-OFF UNCERTAINTY IS SPARKED MOSTLY BY WHAT THE FED WILL BE UP TO TUESDAY AND WEDNESDAY WITH ITS PLANS TO TACKLE INFLATION BY TIGHTENING MONETARY POLICY.

ED YARDENI: they have to continue to talk hawkish but with what the markets are doing i think they’re going to have to take it a little easier on the hawkish talk especially because the market definitely freaked out over q-t. 

SIMONE DEL ROSARIO: WHILE THE PRESIDENT’S PRESS SECRETARY BRUSHED OFF THE DAY’S MAJOR DIPS.

WHITE HOUSE REPORTER: does the president think it’s a big deal that today the dow jones is down at one point more than 11-hundred points? 

PRESS SECRETARY JEN PSAKI: unlike his predecessor the president does not look at the stock market as a means by which to judge the economy. 

SIMONE DEL ROSARIO: I’M SIMONE DEL ROSARIO. FROM NEW YORK IT’S JUST BUSINESS.