“It’s really Fed watch. That’s what traders are waiting for,” said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.
Wall Street rallied more than 2 percent on Thursday as strong U.S. economic data and hints that a September interest-rate hike was unlikely fueled optimism that the worst of recent market turmoil was over.
“Everybody’s just on guard and aware of the potential for greater volatility than we’ve seen in quite a while. We’ve seen investors dip their toes and buy high-quality names they like that they can get cheaper,” said Brian Fenske, head of sales trading at ITG in New York.
U.S. stocks ended down on Tuesday after sharply reversing early gains late in the session as investors were unconvinced China’s move to cut to interest rates and banks’ reserve requirements could ease global growth concerns.
Wall Street opened more than 2-percent higher, recouping some of its losses from the previous day’s selloff, its worst in four years, which had put the S&P 500 and Nasdaq composite indexes in correction territory.
“If things don’t settle down in China, we could have another ugly open tomorrow and you wouldn’t want to be caught holding positions you bought this morning.”
New York (AFP) — U.S. shares traded fairly flat early Tuesday, appearing to continue taking a breather that started last Friday after a solid one-month run. But biotech shares got a boost from Vertex Pharmaceuticals (+40.6 percent) after it reported promising results in tests of two drugs for treating cystic fibrosis. Thirty minutes into trade, […]