NEW YORK, Jan 11 ― Wall Street's three major indexes staged a late-session comeback yesterday as the Nasdaq managed to eke out a tiny gain and investors swooped in to hunt for bargains, while the S&P 500 and the Dow Jones Industrial Average finished well above their session lows.
“We've gotten to the point where you wonder if the roller coaster has peaked and is heading straight down. But fundamentally there's a lot of buyers in this market buying on the dip,” said Rick Meckler, a partner of Cherry Lane Investments, a family investment office in New Vernon, New Jersey who attributed much of the afternoon strength to retail investors buying favourite stocks such as Tesla.
“The other thing though to keep an eye on is what happens to interest rates because that has really been what's been dragging technology. We saw little bit of a reversal late in the day in . They came down just a touch and that was a little bit of a green light for tech investors,” he said. The biggest decliners on the day were industrials which closed down 1.2 per cent and materials which dropped 0.99 per cent.
Earlier the benchmark 10-year Treasury yield rose to its highest level in nearly two years yesterday.
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