S&P 500 enters and rebounds from correction territory – United States stock markets plunged yesterday into correction, before rebounding in extremely volatile trading, as investors concerned about rising interest rates await a key FOMC policy meeting later this week.
Earlier Monday in US, the Dow fell as much as 1,000 points, while the S&P 500 was down almost 4%, and the Nasdaq around 5%. Despite the initial drop, Stocks and indices staged a dramatic rebound later in the day, with all three major indexes turning positive.
Most economists and experts do not expect the Fed to take any significant actions at the week’s meeting, but the central bank will likely set up the first of multiple interest rate hikes, expected to begin from March.
The VIC (CBOE Volatility Index) measuring market volatility hit its highest level in almost 12 months, surging past 37 in the morning.
Meanwhile Tech index Nasdaq is down more than 10% in January 2022, which is shaping up to be its worst month, since the global financial crisis (GFC) in October 2008.
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