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Wall Street ends higher after steep sell-off

01/24/2022 | 05:38pm EDT

A roller coaster ride on Wall Street. Stocks rebounded sharply late in the session Monday from a steep sell-off that at one point saw the Nasdaq down nearly 5% and the S&P falling into correction territory.

Sparking that earlier drop before bargain hunters piled in: mounting geopolitical tension as NATO prepares for a potential Russian invasion of Ukraine and concerns over an increasingly hawkish Federal Reserve ahead of their policymakers meeting this week.

Kramer Capital Research Chief Investment Officer Hilary Kramer says the worst isn't over just yet:

"We hit the tipping point in terms of the market because the Feds policies cannot sustain. You can't have zero percent fed funds rate and expect that the market can keep going up. It creates inflation. We are an inflationary period and the Fed must start raising rates to bring back and hold back those reins, and until they do, this market is gonna keep going down or we're gonna see inflation keep rising."

The Dow ended up nearly 100 points. It and the S&P gained more than a quarter percent. The Nasdaq bounced back the most, rising six-tenth percent.

One standout stock even through the sell-off: Kohl's. Shares shot up by over a third after Reuters reported that private equity firm Sycamore Partners is readying a bid for the department store chain. This comes just days after activist investment firm Starboard Value proposed a buyout.

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.06% 0.70832 Delayed Quote.-2.75%
BRITISH POUND / US DOLLAR (GBP/USD) -0.44% 1.25105 Delayed Quote.-7.59%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.78182 Delayed Quote.-1.40%
EURO / US DOLLAR (EUR/USD) 0.24% 1.0705 Delayed Quote.-7.05%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.12% 0.012884 Delayed Quote.-4.36%
KOHL'S CORPORATION -2.45% 38.24 Delayed Quote.-20.63%
NASDAQ COMP. 1.59% 11535.27 Real-time Quote.-27.42%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.03% 0.64429 Delayed Quote.-6.09%
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