Stocks set to open higher after historic swings. After managing to finish green Thursday, stocks today have a shot at their first back-to-back gains in more than a month. In fact, yesterday’s modest gains ended a record streak of 8 consecutive days the S&P 500 Index either gained or lost at least 4%. Big gains overnight in South Korea and Taiwan led global markets, while Europe is up big as well. No major headline sparked the rally, but with a $1 trillion-plus stimulus plan likely coming within days in the United States and a historically oversold market, a bounce at any time may be possible.
Trying to end the week on the high note. Technical positives for the market have been few and far between in recent weeks, but with US equities higher in early trading, the S&P 500 is poised to end the week above the December 2018 lows. Whether or not this level can hold long-term is an open question, but investors may be encouraged by the index’s ability to hold this level on a closing basis, after dipping below 2,346 twice this week in intraday trading.
How markets bottom. What does a major market bottom look like, and how long can it take? Later today on the LPL Research blog, we take a look at two historical market bottoms, 1987 and 2008–09, to see what the bottoming process looks like after a historic decline.
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