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Aug 26 2015

Wall St looks to rise as China continues to crater

Market Recap 08/25/15:
U.S. stocks closed lower on Tuesday as a strong initial rally was dramatically reversed in afternoon trading. Wall Street opened sharply higher after the People’s Bank of China cut interest rates and made it easier for banks to lend, measures designed to stabilize the country’s plummeting stock market, but concerns soon grew that these moves wouldn’t be sufficient to turn the tide, leading to the afternoon selloff. The volatility in China comes at a time when U.S. earnings growth is tepid and uncertainty remains over when the Federal Reserve will raise interest rates, conditions that could keep the trend negative on Wall Street in the short term. Volatility is expected to remain elevated until there is further clarity on the situation in China.
Looking ahead:
The market’s big swings looked to continue on Wednesday, with futures pointing to a sharp advance despite shares in China falling for a fifth straight session. Some of the market’s most beaten-down shares – including Apple (AAPL) and Netflix (NFLX) – climbed in premarket trading, which could suggest investors are looking for bargains following some the market’s recent decline. Sentiment was also lifted after Schlumberger (SLB ) agreed to buy Cameron International (CAM) in a deal valued at $14.8 billion. Further M&A deals could suggest that companies see value in the market despite macroeconomic headwinds. Make sure you don’t miss this week’s Money Matters with Gary Goldberg, where the guest will be S&P Capital IQ’s and friend of Money Matters Sam Stovall, as well as Dr. Kristine Gedroic, who will talk about healthy eating and lifestyle habits. Visit our website for more details.