Day Traders Diary
The major averages closed higher after a second major reversal in as many days following comments from the Fed Chairman in Jackson Hole, Wyoming. The Dow Jones Industrial Averages rose 90 points shortly after the open, dropped into the red only to rebound and close up 247 points or 0.73%. The S&P 500 similarly rose, fell and closed up 29 points or 0.67%. The Nasdaq Composite rose over 100 points, fell into the red and closed up 126 points or 0.94%.
The Jackson Hole Economic Symposium in Wyoming brought together central bankers and key financial officials from across the world. Hawkish comments from the Fed Chairman after 10am indicating that the economy may not be cooling as expected caused the averages to sell off.
However, the sell off did not last as buyers stepped back in particularly in the big cap tech stocks. Nvidia was one of the few tech stocks to close in the red following blow out earnings two days ago.
Yesterday, the S&P 500 and the Nasdaq both posted their biggest one-day losses since Aug. 2, while the Dow suffered its biggest pullback since March.
Despite Thursday's declines, both the S&P 500 and Nasdaq snapped three week losing streaks while the Dow logged a second-straight week of losses.
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