XPost: alt.fan.rush-limbaugh, alt.politics.democrats.d, or.politics
https://www.marketwatch.com/story/s-p-500-rebound-collapses-in-biggest-u-turn-since-at-least-1978-investors-cant-shake-tariff-jitters-df649b3b
So much for Turnaround Tuesday. An epic
stock-market bounce turned into a historic
fizzle, extending the bruising selloff
sparked by President Donald Trump’s
sweeping tariff measures to a fourth
straight session.
S&P 500 rebound collapses in biggest U-turn since at least 1978, brutal
day for DJIA and NASDAQ
The S&P 500 SPX -1.57% saw an intraday gain
of 4.05% evaporate to end with a loss of 1.6%,
marking its biggest blown percentage gain
since Oct. 14, 2008, during the darkest days
of the 2007-09 financial crisis. And it’s the
first time the S&P 500 was up more than 4% at
its intraday high but finished with a loss of
more than 1%, based on data going back to 1978,
according to Dow Jones Market Data.
It was a brutal day across the board:
The Dow Jones Industrial Average DJIA -0.84%
rallied 1,461 points, or 3.85%, at its intraday
peak, but ended the day down more than 400
points, its biggest erased percentage gain
since April 2020.
The tech-heavy Nasdaq Composite COMP -2.15%
ended with a loss of 2.3%, erasing an earlier
gain of 4.6% for its biggest blown percentage
gain since at least 1982.
The rally lost steam in afternoon trading after
the White House affirmed it would proceed with
tariffs at a rate of 104% on imports from China,
marking a further escalation of the trade war.
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