A sharp rally on Thursday saw the Dow climb for a third straight session, recording a 21% surge that put the index back in bull territory.
Others argue that the term “bull” can only be applied after notching a new high or can only be identified long after the event.
Market participants appeared hopeful about the House’s expected approval of a $2T coronavirus relief bill and brushed off (along with Steve Mnuchin) weekly unemployment claims that soared to a record 3.28M.
Latest? A slight pullback was seen overnight as Dow futures slid 300 points, while S&P 500 and Nasdaq futures fell 1.6%.
“Overall, I do think there are enough signs in place to suggest at least a near-term bottom has been made or is in the process of being made,” said Andrew Adams, an analyst at Saut Strategy. “I don’t expect stocks to take off and never look back, but there is upside potential just to get back to more neutral levels now.”