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At one point yesterday, the Dow was down 170, but in the final hour of the day, stocks made a stirring come back and ended basically flat.Why?
Nobody really knows.
Here’s Dan Greenhaus at BTIG:
There really wasn’t any “news” per se that justified such a strong, late day rally. At first we thought that perhaps we missed a headline, or a breaking story but the continuous influx of calls/emails from reporters and clients asking why equities were rallying suggested our confusion was shared. Impressively, internet retailers continue to do quite well with EXPE and TRIP leading the charge, finishing near 8% off their lows (ANR was 7.7% off its low and NFLX wasn’t too far behind). Housing was also a beneficiary after stronger new home sales and earnings from TOL corroborated our long held view that “housing” has clearly bottomed.