I wonder what the pro-Trump folks would say if the Dow were to end up over 1K, one of the largest point gains ever, on the day after Biden's great Super Tuesday.
I'm waiting to see if
@Rain Cold is going to try for a 3rd Bojangles dinner in just 4 trading days.
Yeah I think we finish up over 1100!
I missed this earlier. Been a busy day. Market moves for a number of reasons, not the least of which are technical. Market action is largely driven by algorithms today, which look at various things like support and resistance levels, momentum, relative strength, etc. When you have an extreme move in one direction or the other, like last week, you usually get a violent snap back. That's what's happening now.
Plus, the Fed has trained us to buy the dips and that we can't have a bear market anymore. The market participants are well-conditioned to this now. Case in point, they ran straight to the rescue yesterday.
The Biden victory, in some ways gives cover to what was going to happen anyway. It was kind of a spark. But I submit that it wasn't the main reason. The market knew, even as it dropped yesterday, that Biden was going to win and win big. That's what the polls were showing leading up to yesterday and during the day. So, it wasn't some surprise that caught the market off guard.
We'll probably see more upside. But then, all eyes will be back on the Fed and CB policy for the next move.