- Title: Wall Street closes higher in late market reversal
- Date: 24th January 2022
- Summary: WILTON, CONNECTICUT, UNITED STATES (JANUARY 24, 2022) (Reuters) (SOUNDBITE) (English) VESPULA CAPITAL, CEO, JEFF TOMASULO, SAYING: "We haven't had a 15-percent or 10-percent down move or, you know, it's a 10 percent to say it's a correction. The Russell 2000 is in bear market territory, which when you have a 20-percent correction, we haven't seen this since the pandemic. And we have very rarely seen a Dow move up more than five percent that has lasted more than three or five days. So, but if you look over history, right, and historically, this is natural, right? When you have that type of up-moves that we've had in the market over the last 10 years, it's natural for the S&P 500, the Nasdaq to have 10, 15 percent corrections and that is really healthy. To me, if you're an investor out there, you got to keep your head cool, and you've got to look for opportunities. You've got to build your watch list of all the stocks that you wanted to own before and that are, you know, are really good, you know, make money, and look to start to slowly buy them, right? If you're a longer term investor, that's what you need to do. You need to start to put some money to work. Now, can the market drop another 10 percent? Absolutely. But if you slowly dollar-cost averaging into some of these really good names, then you're going to get really good value on some of these names where people were paying 10, 20 percent higher a couple of weeks ago for." 3, WHITE FLASH NEW YORK, NEW YORK, UNITED STATES (JANUARY 24, 2022) (Reuters) (SOUNDBITE) (English) KRAMER CAPITAL RESEARCH, PRINCIPAL, HILARY KRAMER, SAYING: "The Fed's policies cannot sustain. You can't have zero-percent Fed funds rate and expect that the market can keep going up. It creates inflation. We are in an inflationary period and the Fed must start raising rates to bring back and hold back those reins. And until they do, this market is going to keep going down or we're going to see inflation keep rising." WHITE FLASH NEW YORK, NEW YORK, UNITED STATES (JANUARY 24, 2022) (Reuters) (SOUNDBITE) (English) KRAMER CAPITAL RESEARCH, PRINCIPAL, HILARY KRAMER, SAYING: "Concerns about earnings, earnings in front of us. The banks were tepid and disappointing. And now we have to contend with growth stocks reporting. And if they can hit the numbers, and if they can guide us to increasing growth, then we are going to see the market go down more so in expectation of that. The stock market started going down today and all of those machines started selling, selling, selling." WHITE FLASH NEW YORK, NEW YORK, UNITED STATES (JANUARY 24, 2022) (Reuters) (SOUNDBITE) (English) KRAMER CAPITAL RESEARCH, PRINCIPAL, HILARY KRAMER, SAYING: "Investors should make sure that there's lots of cash on the sidelines, keep your powder dry, don't think of this as the big, big opportunity to jump into the stocks that you've always wanted to be buying. This isn't the time. Let the market bottom out first. There's plenty of time to buy. The market is still very expensive when it comes to growth, and even some of those big value plays are wildly overvalued."
- Embargoed: 7th February 2022 21:21
- Keywords: COVID-19 Dow Jones Nasdaq Omicron S&P 500 S&P 500. stocks Wall Street Dow Jones coronavirus equities index indices markets shares trading vaccine
- Location: NEW YORK, NEW YORK, + WILTON, CONNECTICUT, UNITED STATES
- City: NEW YORK, NEW YORK, + WILTON, CONNECTICUT, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002FVLIPTZ
- Aspect Ratio: 16:9
- Story Text: FOR MORE MARKET COMMENTS, PLEASE SEE EDIT 1212-USA-STOCKS/SELLOFF-ANALYST
Wall Street bounced back from a steep sell-off late in the session to close higher on Monday (January 24), with bargain hunters pushing the indexes into positive territory.
The S&P 500 earlier came close to confirming a correction as investors focused on concerns about an increasingly hawkish Federal Reserve and geopolitical tensions.
This came on the heels last week of the S&P 500 and the Nasdaq suffering their largest weekly percentage plunge since March 2020, when shutdowns to contain the pandemic sent the economy spiraling into its steepest and most abrupt recession on record.
According to preliminary data, the S&P 500 gained 13.77 points, or 0.31%, to end at 4,411.71 points, while the Nasdaq Composite gained 97.25 points, or 0.71%, to 13,866.17.
The Dow Jones Industrial Average rose 108.45 points, or 0.32%, to 34,373.82.
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