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Aug 28 2015

Wall St set to fall after huge two-day rally

Market Recap 08/26/15:
Wall Street stocks rallied on Thursday, with major indexes up more than 2 percent as a strong read on U.S. economic growth offset continued concerns over the pace of growth in China. The day’s gains were broad, with sectors rising across the board and commodities rebounding as well. Crude oil surged 10 percent. The GDP report comes a day after a Federal Reserve official said that a September rate hike was “less compelling” given recent market volatility, suggesting that the central bank would continue to be accommodative for longer. With the day’s gains, major indexes turned higher for the week, which has been extremely volatile. After falling sharply on Monday and Tuesday, the Dow posted its best two-day point gain in its history on Wednesday and Thursday.
Looking ahead:
Futures were lower on Friday, indicating that major indexes would open about 1 percent lower despite a rally in Chinese shares. The move was an indication that volatility is likely to persist on Wall Street until the situation in China has been resolved or at least stabilized. With little clarity on whether China has gone through the worst of its slump, it will be hard for investors to gauge whether U.S. stocks have fully priced in the impact of slower growth in the world’s second-largest economy. In addition, the annual meeting of central bankers at Jackson Hole continues to go on, which could drive market action in the near term if there is any indication that policies could be changed. 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.