"Black Monday" turned into "Turnaround Tuesday" as the market corrected itself amid the steepest two-day drop since the financial crisis according to Bloomberg News. Global stocks rallied, as Beijing cut interest rates following another sharp drop in Chinese markets.
Or at least that is what experts thought. By the end of the day the S&P 500 fell 0.6 percent to 1,881.87 at 3:46 p.m. in New York, after an earlier 2.9 percent increase. The index closed Monday in a correction for the first time in four years.
The S&P 500 rose 1.3 percent while the Dow Jones Industrial Average added rose 1.2 percent to 16,062.63 as of 1:45 pm EST.
Facebook Inc., Amazon.com Inc., Google Inc., Netflix Inc. and Apple Inc. were the big movers of the day. Each rose at least 2.6 percent and erased a nearly $200 billion in market value over the last three trading sessions.
Kully Samra who manages U.K. clients for Charles Schwab out of their London office stated “It had been four years since U.S. stocks had seen a correction and there had been very long span of very mild equity performance.”
A positive for investors is that consumer confidence throughout August is at the second-highest level in eight years on more favorable views of the labor market.
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