S&P 500 recovers early losses; Nasdaq, Dow industrials also rally
The Wall Street Journal: April 8th 2022
European stocks are likely to bounce back early Friday after Wall Street staged a comeback, with major U.S. indexes closing higher after two days of losses.
The afternoon rally was “tactical,”said Asbury Research strategist John Kosar, rather than triggered by specific news. He noted that the S&P 500 and the CBOE’s Volatility Index both hit key technical levels after noon, and both turned around at the same time.
“Sometimes the money moves first, the market moves second, and then comes the headline,” said Mr. Kosar. What happens over the next few days will tell investors whether this was a genuine turnaround or just a brief respite, he added.