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S&P 500 Cuts Losses as Selloff Triggers Dip Buying of 'Oversold' Stocks

Stock MarketsMar 25, 2021 03:26PM ET
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© Reuters

By Yasin Ebrahim

Investing.com – The S&P 500 eased off lows Thursday as tech cut some losses after a move into oversold territory triggered a wave of buying that some on Wall Street believe could fuel another rally.

The S&P 500 was up 0.46%, the Dow Jones Industrial Average rose 0.54%, or 173 points, the Nasdaq Composite was up 0.06%, but had been down more than 1% intraday.

"We believe the action today may be pushing stocks into moderately oversold territory on a short-term basis once again," Janney Montgomery Scott said. "[W]e are on guard for some choppy action ahead with the likelihood of a trading rally materializing soon."

The intraday bounce in tech from session lows comes even as leaders of megacap tech including Google-parent Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Microsoft (NASDAQ:MSFT) and Twitter are under scrutiny on Capitol Hill.

Palantir Technologies (NYSE:PLTR), meanwhile, was up nearly more than 2% after Ark Investor Cathie Wood took a position in the stock following a more than 5% slump a day earlier.

U.S. bond yields, meanwhile, also turned positive as a weaker-than-expected seven-year Treasury auction continued to suggest investors are betting on rates going higher.

In industrials, Bloomberg reported that Boeing would resume deliveries of its 787 Dreamliners as soon as Friday following a five-month stall as the aircraft maker sought to repair structural flaws of the plane.

Boeing (NYSE:BA) was up 3%, while other aviation stocks including airlines like United Airlines Holdings (NASDAQ:UAL), Delta Air Lines Inc (NYSE:DAL) and American Airlines (NASDAQ:AAL) clawed back some recent losses.

Energy stocks, meanwhile, were led lower by slump in oil prices on fears the lockdown in Europe could dent the supply-demand rebalancing.

The broader economy, meanwhile, continues to expand as jobless claims fell more than expected and fourth-quarter GDP beat economists' estimates.

President Joe Biden talked up the progress on the economy after doubling the vaccine target to 200 million vaccines within the first 100 days of presidency in his first press conference. “A number of economists are projecting GDP to increase by 6% this year …." Biden said. The latest jobs report showed the unemployment claims fell below pre-pandemic highs, he added.

In other news, GameStop (NYSE:GME) jumped 45%, clawing back some of its losses following its post-earnings slump earlier this week.

S&P 500 Cuts Losses as Selloff Triggers Dip Buying of 'Oversold' Stocks
 

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Comments (19)
Dave Jones
Dave Jones Mar 26, 2021 2:27AM ET
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oversold LMAO!
AmericaIsKing oftheGalaxy
AmericaIsKing oftheGalaxy Mar 26, 2021 1:07AM ET
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Banks and institutions are pumping and dumping until their tantrum over taxes for infrastructure is over. Lot more pumping and dumping still to come
Boner Uncle
Boner Uncle Mar 25, 2021 4:20PM ET
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I disagree...the pullbacks are violent but shortlived...sp500 will cross 4200 by summer. They're more buyers than sellers. no where else to go to make money besides crypto and stonks!
Stonks Tracker
Stonks Tracker Mar 25, 2021 4:20PM ET
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How long you been trading? Since 2020? You know nothing kid.
Mitchel Pioneer
Mitchel Pioneer Mar 25, 2021 3:54PM ET
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How fitting, the greatest investment fraud in the world, and biggest investment joke in history "rallies" to a high at the close.  Can't have a closing low, but closing highs come one after another.  Assume the proper position America.
Daniel Lu
Daniel Lu Mar 25, 2021 3:52PM ET
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That’s a great show of short squeeze followed by dip buying
Jouni Matero
Jouni Mar 25, 2021 3:49PM ET
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How can't ppl see this stock bubble is way over it's head, still massive amount of small investor bulls buying with no clue how f...ing overpriced all stocks are atm. This is the biggest bubble ever in market history and when it goes off... Gz...
Burak ATKOŞANLI
Burak ATKOŞANLI Mar 25, 2021 3:33PM ET
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oversold !!!!! haaaaaaaaaa hahahahaha...
Mitchel Pioneer
Mitchel Pioneer Mar 25, 2021 3:16PM ET
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Ah yes, the predictable 11AM climb out of a loss in the biggest investment joke in the world.
Edwin Henriquez
Edwin Henriquez Mar 25, 2021 2:48PM ET
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guys let's think positive and I throwing this one for free since you guys here are smart in all that... best option call ever SPCE call option may 16th at $60 let's do some money 🤪🤪
Ma Am
Ma Am Mar 25, 2021 2:48PM ET
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Maybe not $60 but they’ll rise up to the test flight as long as its not delayed. I do think they’re a smart play given how oversold the stock has been recently
Jouni Matero
Jouni Mar 25, 2021 2:48PM ET
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Oversold lol, "stonks only go up" 🙈
Dave Jones
Dave Jones Mar 25, 2021 2:42PM ET
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It's going to be painful and sad to watch no show Joe Biden Biden trying to fumble his way through scripted remarks
Dave Jones
Dave Jones Mar 25, 2021 2:42PM ET
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hiden biden
Ma Am
Ma Am Mar 25, 2021 2:42PM ET
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Same as any president or politician
Dennis Kendrick
Dennis Kendrick Mar 25, 2021 2:33PM ET
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Amatuer investors are getting crushed.
Billy Bilnaad
Billy Bilnaad Mar 25, 2021 2:33PM ET
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So you’re crushed.
Jouni Matero
Jouni Mar 25, 2021 2:33PM ET
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That's what's going to happen in a matter of days and ppl not aware of market facts think stock market only goes up just like ETF's while the biggest bubble ever is bursting about to ****any second.
Unoqueva Alguno
Unoqueva Alguno Mar 25, 2021 2:24PM ET
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LOL oversold! Banksters gonna do it again
Surajit Sarkar
Surajit Sarkar Mar 25, 2021 2:24PM ET
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call 918250090149 for Sureshot profit
Oliver Closeoff
Oliver Closeoff Mar 25, 2021 2:23PM ET
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Oversold??? Basically every stock market has been overbought for months now.
Dave Jones
Dave Jones Mar 25, 2021 2:22PM ET
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oversold!?!? LMAO!!!
Exchange Watchdog
Exchange Watchdog Mar 25, 2021 2:18PM ET
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Everytime you guys do an update, the opposite is happening
ron king
ron king Mar 25, 2021 2:03PM ET
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are you serious? where in the ******is the dip buying taking place and who makes up these stories? its been sell sell sell for over 3 weeks and every time the fed is brought on to speak it just gets worse.
Jack Hoodie
Jack Hoodie Mar 25, 2021 2:03PM ET
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relax
bert prince
bert prince Mar 25, 2021 2:03PM ET
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automated stories just to ********us in as always
bert prince
bert prince Mar 25, 2021 2:03PM ET
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stick us in as always
Ronnie Fierro
Ronnie Fierro Mar 25, 2021 2:02PM ET
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Amc up 17% no mention?
ARUN KUMAR
ARUN KUMAR Mar 25, 2021 2:01PM ET
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Oversold??? Is there ever a news about overbought stonks here
Jacob Steinschlag
Jacob Steinschlag Mar 25, 2021 2:01PM ET
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lol have you had a look at how battered down growth stocks are right now?
Tobias Schrøder
Tobias Schrøder Mar 25, 2021 2:01PM ET
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growth stock is outdated. VALUE is the New HOT!
ARUN KUMAR
ARUN KUMAR Mar 25, 2021 2:01PM ET
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Oh i didn't knew that all stocks are growth stocks now.
Gilberto Lozano
Gilberto Lozano Mar 25, 2021 1:59PM ET
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bull trap..?
 
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