Stocks are up sharply again on Wall Street, recovering more of the ground they lost in several shaky weeks. The S&P notched its biggest one-day gain in more than two years.
Analysts sought to downplay the early October rally, which followed a decline of more than 9% last month. The major indexes remain in a bear market after falling 20% or more from their most recent record highs.
“Investors should be worried about false positives,” he said. “Be wary of the history of bear market rallies, they can be very seductive.” The yield on the two-year Treasury, which more closely tracks expectations for Federal Reserve action, fell to 4.10% from 4.12% late Monday.The market was mostly quiet with company news ahead of the next round of corporate earnings.
Wall Street is worried that the rate hikes, especially the increases from the Fed, could go too far in slowing growth and send economies into a recession. The Fed has already pushed its key overnight interest rate to a range of 3% to 3.25%, up from virtually zero as recently as March.
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