The stock market just experienced a bounce for the record books, but more bad news will test it
Bank of America has sent more than 100 employees to work in a backup office in Connecticut.
Tetra Images | Getty
Major stock indices, in just a few days, have made back more than half their losses, but technical analysts warn the market is setting up for a retest that will decide whether Monday’s lows were the bottom.
The market has bounced with uncommon speed, after it fell at an unprecedented velocity from its February highs on fears of the coronavirus. It was the promise of a fiscal stimulus package on top of an extraordinary amount of Fed policy easing that sent stocks rocketing from their lows.
“It’s a low. It’s too soon to say, it’s the low,” said Ari Wald, technical anlayst with Oppenheimer.
The Dow jumped 6.4% Thursday, capping the best three day move, of more than 20%, since 1931. …continued .
[Source: CNBC News]