Dow rebounds to close up 560 points in wild trading session
Investors are going to need more Tums.
Wall Street took folks on another gut-wrenching ride on Tuesday — with the Dow Jones industrial average plunging 567 points after the opening bell and then zigzagging 1,167 points over the trading day.
The wild swings — coming on the heels of a 1,175-point Dow decline on Monday and a 666-point drop on Friday — finally came to rest with the Dow, mercifully, up 567.02 points as the closing bell rang, at 24,912.77.
“Today’s action was in line with a market searching for a bottom,” Peter Cardillo, chief market economist at First Standard Financial, told The Post.
The one-two punch on Friday and Monday erased all of 2018’s advances in the bellwether index.
At 9:31 a.m. on Tuesday, it looked like investors were in for a threepeat — but buyers quickly rushed in and reversed the slide.
After hopscotching above and back below the break-even mark for most of the session, the Dow peaked at up 600.48 points before a brief, timid sell-off into the close — up 2.3 percent.
Wall Street seemed to agree that Tuesday’s trading action marks a temporary market bottom. But that’s not to say that the market doesn’t have a few more down days ahead of it, Cardillo said.
“Do I think we go much lower? No.” Cardillo said.
“I chalk it up as simply technical,” Jack Ablin, chief investment officer of Cresset Wealth, told The Post, referring to Tuesday’s wild swings.
“Underlying fundamentals remain intact. Credit conditions, for example, haven’t budged,” Ablin said.
Other indexes also managed on Tuesday to erase some of the losses of the last few trading sessions.
The S&P 500 gained 46.20 points, to close at 2,695.14, and the tech-heavy Nasdaq gained 148.36 points to close at 7,115.88.