What a day! Major indices reverse sharply to the upside after initial CPI plunge.

What a day!

For the day, the S&P had its fifth-largest intraday reversal from a 52 week low. The low today was down -2.39%. That was a new 52 week low. At the close it was up 2.6%

For the NASDAQ index it was the 4th largest reversal from a 52 week low.. At the low it fell -3.15%. The index is closing up 2.23%.

• S&P and NASDAQ snapped 6 day losing streak
• All Dow 30 stocks close higher. Best day since November 2020
• All S&P 11 sectors close higher
• The Dow industrial average range was 1507 points or around 5%
• the NASDAQ index had a range of 608 points or about 5.70%

the final numbers are showing:

• Dow industrial average rose 827.87 points or 2.83% at 30038.71
• S&P index rose 92.85 points or 2.60% at 3669.89
• NASDAQ index rose 232.06 points or 2.23% at 10649.16
• Russell 2000 rose 40.64 points or 2.41% at 1728.41

The S&P index from a technical perspective tested the 50% midpoint of the move up from the March 2020 low. That level came in at 3505.24. The low price today reached 3491.58. The price of the S&P also traded back below its 200 week moving average at 3599.73, but is closing back above that level at 3669.89.