Stocks Rebound After Sell-Off; Carnival, Zillow, Freeport-McMoRan In Focus | Stock Market Today | Summary and Q&A

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December 21, 2023
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Investor's Business Daily
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Stocks Rebound After Sell-Off; Carnival, Zillow, Freeport-McMoRan In Focus | Stock Market Today

TL;DR

The Nasdaq and S&P 500 both recovered today after experiencing a sharp sell-off, with small caps leading the way. Carnival, Zillow, and Freeport-McMoRan are stocks to watch.

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Questions & Answers

Q: How did the Nasdaq perform today after the previous sell-off?

The Nasdaq had a strong recovery, gaining 1.3% and recouping most of its losses from the previous day. The volume was lighter, indicating a potentially light trading period ahead of the holidays.

Q: Did the S&P 500 also rebound after the sell-off?

Yes, the S&P 500 rallied back 1% today after experiencing a 1.5% decline on Wednesday. The lower volume rally suggests that stocks may have been expected to extend losses, but the recovery was surprising.

Q: What was the performance of the Dow Jones today?

The Dow Jones lagged slightly behind the Nasdaq and S&P 500, but it held comfortably above the 33,600 level. Despite expectations of follow-on selling after Wednesday's downdraft, the Dow Jones had a good rally and remained in a confirmed uptrend.

Q: How did small caps perform today?

Small caps, represented by the Russell 2000 index, performed well with a gain of 1.6%. It has been holding steady since a gap up last week and is approaching the 200 level.

Summary & Key Takeaways

  • The Nasdaq and S&P 500 both saw a strong recovery, with the Nasdaq up 1.3% and the S&P up 1%. The Dow Jones also performed well, closing near its highs.

  • Small caps, as represented by the Russell 2000 index, also had a good day with a 1.6% gain.

  • Carnival reported decent earnings, Zillow showed signs of accumulation, and Freeport-McMoRan exhibited strength in the copper industry.

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