“Turning Up” – Vista Partners Daily Recap 12/27/2018
US stocks turned up abruptly during Thursday’s session after spending most of the day deep in the red. All three major indices posted gains today. The S&P 500 was up 0.86% (21.13 points) as trading ended, and the Nasdaq rose 0.38% (25.14 points). The Dow managed to finish the day up 1.14% (260.37 points) despite being down over 600 points at its low on Thursday.
Individual components of the Dow were generally up today with only a couple exceptions. Apple (AAPL) was down 0.65% and United Technologies (UTX) finished the day with losses of 0.24%. 3M (MMM) had the best day today, finishing with gains of 2.38%.
Outside the Dow, Atossa Genetics (ATOS) ended the day down just 0.34%.
Yesterday saw the largest single-day gains for both the Dow and the S&P 500, giving some hope that the worst had come and the market was about to turn around. After bottoming out, stocks will sometimes see a rally as investors reverse their capitulation selling. But analysts aren’t convinced this is what we saw yesterday.
Art Cashin, a UBS analyst, stated, “While we’ve had relentless selling and are (were) heavily oversold, that did not look like a capitulation reversal to us. The volume was higher but not compellingly so. Also, the breadth should have been a bit more extreme.”
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
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