Remember yesterday when the Dow Industrials fell as much as 1,500 points in one session?
Well on Tuesday, the index tumbled nearly 570 points at the open…and then rallied more than a thousand points to end the day up just as much as it originally fell!
Axios business editor Dan Primack said there are a lot of unexplainable forces driving stocks right now.
“There is an Invisible Hand to the market, and it’s sometimes a very fickle Invisible Hand,” he told Cheddar in an interview. “Though it plays really well for punditry to be able to come up with reasons, there isn’t a single thing yesterday that caused it to go down so much. And there’s not a single reason why it’s up right now.”
At its lows of the day the Dow briefly entered correction territory, down more than 10 percent from the highs hit just over a week ago.
Tuesday’s rally wasn’t enough to erase all of the recent losses, but many of the Cheddar 50 stocks were able to get back on the upswing. Nvidia, which was down more than 8 percent to start the week, rallied back 5.5 percent. Tripadvisor, Netflix, and Apple also rose more than 4 percent.
For full interview, click here.