Closing Bell: Massive Comeback, Inflation Nation & History Lesson 10/13/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 13 October 2022

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A dramatic turnaround on Wall Street despite a hotter than expected inflation report. Stocks falling to the lowest level in two years, but rebounding sharply on hopes inflation may soon peak. Former Treasury Secretary Jack Lew discusses whether inflation could soon cool off and how high the Federal Reserve may raise interest rates. Charles Schwab Chief Investment Strategist Liz Ann Sonders on whether investors can trust this massive comeback. Bespoke's Paul Hickey says history shows a market reversal like today's is a bullish short-term indicator. Renaissance Macro Research's Jeff DeGraaf exsplains why he sees some resilience in industrial stocks despite recession fears and the surging dollar. And Dimensional's Mary Phillips says investors should be focusing on profitable companies in this uncertain environment. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	Stocks are staging quite a dramatic comeback today after a hot inflation print initially sent the market tumbling
0:06.1	but a major mid-cession reversal has the S&P 500 on track to smash a six-day losing streak.
0:11.3	We are currently at session highs up almost 3% more than 900
0:15.6	points higher on the Dow. This is the make or break hour for your money.
0:18.6	Welcome everyone to Closing Bell. I'm Sarah Eisen. Take a look at where we stand right now in the market in a very
0:25.0	different place than where we stood this morning after that pretty
0:28.2	disappointing hot inflation read, the Dow as I mentioned up more than 3% every
0:32.3	sector higher in the S&P 500 right now of 2.8%
0:35.8	the NASDAQ composite is up 2.3% today at the lows of the day the NASDAQ was
0:40.8	down 3%.
0:42.8	That is quite a wide range.
0:44.4	In fact, it's the S&P 500's biggest trading range,
0:47.6	widest trading range since March 2020.
0:50.6	It's been like a 5% move altogether.
0:53.4	Take a look at the S&P 500 sectors that are leading this rally as we speak.
0:57.8	You've got energy, financials ahead of bank earnings which kick off tomorrow.
1:01.3	Technology, materials, and utilities.
1:04.4	It's a mix.
1:05.4	Check out the moves in the British pound.
1:08.0	One potential reason behind this staggering intraday reversal.
1:12.4	A lot of people are watching this. It's
1:14.6	trading like a stock, not a currency. You can see earlier in the session
	...

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