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KiplingerJan 24, 2022
Stock Market Today: Dow Erases 1,100-Point Intraday Drop to End Higher
The stock market swoon appeared set to continue into a fourth week, with all the major benchmarks notching massive intraday losses.

Negative readings on IHS Markit's Flash Manufacturing Purchasing Managers Index (PMI) and Flash Services PMI - both of which came in well below economists' consensus estimates today (55.0 vs. 56.9 expected; 50.9 vs. 54.9 expected, respectively) - added to the bearish narrative on Wall Street, says Michael Reinking, senior market strategist for the New York Stock Exchange.

SEE MORE 22 Best Retirement Stocks for an Income-Rich 2022 Specifically, it has been "dominated by increasing geopolitical risks; the hawkish Fed tone in anticipation of Wednesday's Federal Open Market Committee rate decision; and slim earnings beats combined with lacking earnings guidance," he writes.

"The environment we have been in for the past 13 years or so was created by quantitative easing, zero interest rates, and there is no alternative," says Michael Tuttle, CEO and chief investment officer at Tuttle Capital Management. " Now that the Fed is going to unwind and raise rates, it is causing a repricing of the entire market." He believes that whatever the Fed is going to say on Wednesday is likely now priced in, and a short-term bounce isn't out of the quesion. 

"However, I would expect that [bounce] to be short-lived and expect volatility through at least the end of the quarter until the market fully digests," Tuttle adds. 

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And bounce is exactly what the market did today. Bargain hunters swooped in during the final minutes of trading, sen


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Dow claws back from 1,000-point drop to end higher as stocks mount huge reversal
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