After The Bell: Stocks Rebound On Wall Street
By Andy Giersher
(CBS) -- It was a big reversal day on Wall Street.
Stocks initially declined at the opening bell by more than 1.5 percent after a weaker-than-expected jobs report, but then buyers came in and pushed all three of the major averages to over a 1 percent gain for the session.
The S&P 500 added 28, the NASDAQ gained 80 and the Dow Jones Industrial Average closed up 200 points, settling to 16,472.
"I think the hopes and fears of investors on several issues in the last couple of months were encapsulated in one day's trading. Equity markets initially sold off on a sort of 'bad news is bad news' for the economy type of thinking, but then those old reflexes came back and traders interpreted bad news means the Fed is out of the way for a while and this is good for risk assets," says Michael Cuggino, portfolio manager at Permanent Portfolio Funds in San Francisco.
He adds: "After the shift in data interpretation we saw a pretty good run-up from the early hours of trading to the end of the day."
Cuggino adds that he does see value in some of the most beaten-down sectors of the market.