Here’s what’s been happening on Wall Street overnight

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The topsy-turvy ride US stocks are on right now doesn’t simply mark the return of equity volatility. It could also be signalling the beginning of the end of the nine-year bull market.

So says Bank of America Merrill Lynch, which argues the uptick in volatility is characteristic of a late-cycle environment – the type that normally precedes significant equity losses. The firm has surveyed more than 200 fund managers overseeing $US579 billion, of which a record 74% say the global economy is in the latter part of its cycle.

And if there was any doubt that price swings were back in a big way, the past few trading sessions have put that to rest. The benchmark S&P 500 moved more than 2% for three straight days– two down, and one up – through Monday, the longest such streak since August 2015. Then, on Tuesday, the index dropped more than 1.7%, erasing much of the progress made to start the week.

Today the S&P 500 is up 0.3%, but that doesn’t tell the whole story, with Amazon, Tesla and Netflix down sharply. Here’s the latest:


In finance news, there’s been a big shakeup in UBS’ giant wealth management business. And top investors were asked to rate Wall Street’s CEOs – here’s how Jamie Dimon, Lloyd Blankfein and James Gorman stack up.

Lastly, US economic growth was revised higher in the 4th quarter on stronger consumer spending.

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