Let the folks who’ve been around the block before explain it to you rookies.
NYT: “To put this in perspective, we are still almost 22 per cent down for the month, which is the worst month since 1940,” said Howard Silverblatt, a senior index analyst at Standard & Poor’s. The gains, he said, come amid a month of record sell-offs in global markets and continued signs of a slowdown.
Despite Tuesday’s gains, the Nasdaq was on track for its biggest monthly drop since 2001. The S.&P. remained 35 per cent down for the year.
“To say today is a turning point is no more than to say yesterday was the beginning of the end,” Mr. Silverblatt said. “I could make either argument, and I don’t believe either of them.”
Richard Sparks, an analyst at Schaeffer’s Investment Research, said, “The market is going to have to do a lot more to impress me.”
“We’ve seen these big rallies before,” Mr. Sparks said, “including the 900-point rally after the Oct. 10 drop, and they dissipated pretty quickly. I think this is a significant bounce in an overall down trend.”
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