Optimism about talks between Ukraine and Russia helped bring some much needed optimism to the markets. The NASDAQ has the best day with a 367 point gain, or 2.92%, followed by the S&P and the Dow which were up 2.14% and 1.82%, respectively. Oil stay under $100 but did see some gains today after a precipitous fall to start trading, it closed out at $95 a barrel. The 10-year was up 7 basis points to close at 2.15%.
CFRA chief investment strategist Sam Stovall said a volatile and confusing market that has fatigued investors was due for a relief rally, even if it’s just that:
“Because this market has been so weak, so unconvincing since its all-time high on January 3, and because of intraday reversals, no one really knows what will end up being,” Stovall said. “But what is causing the market to be totally in the green today is it’s just getting tired of going straight down for such an extended period. So even if this were simply a relief rally, I think we are due for one.”
CNBC