Stocks trade higher on a rebound Friday

All The major US stock indices are taking a breather after falling sharply this week. The major indices are higher with the NASDAQ index leading the way with a 2.2% rise.

A snapshot of the market 15 minutes into the open is showing:

• Dow industrial average up 251 points or 0.80% the 31984.36
• S&P index up 53.5 points or 1.36% at 3983.63
• NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index up 260 points or 2.29% at 11632
• Russell 2000 is up 41 points or 2.36% at 1780.43

Yesterday, the S&P index got within a few points of a 20% fall from the all-time high. Markets a move 20% from highs are considered in a bear market Bear Market A bear market is defined as a financial market in which prices are falling or are expected to decline. This designation is most commonly used in the stock market, though can also be applied to other markets as well, including real estate, foreign exchange, commodities, etc.A bear market differs from periodic declines in assets by virtue of its duration, not frequency. For example, a bear market will typically see extended periods during which large numbers of stock share prices are falling over A bear market is defined as a financial market in which prices are falling or are expected to decline. This designation is most commonly used in the stock market, though can also be applied to other markets as well, including real estate, foreign exchange, commodities, etc.A bear market differs from periodic declines in assets by virtue of its duration, not frequency. For example, a bear market will typically see extended periods during which large numbers of stock share prices are falling over Read this Term. The NASDAQ index which is fallen over 30% is already in a bear market.

The inability to reach the- 20% level is given buyers some hope that the correction is over.

Looking at the daily chart of the S&P, the fall did also fall short of the 38.2% retracement of the move up from the post pandemic low. That retracement level comes in at 3815.20. Holding above that level is also a positive from a longer term prospective.

PS. the move lower post pandemic, saw the S&P plunge 35.41% to the March 2020 low before starting the bull run to the January 2022 all time high. The correction off that high this year at around 20% is well short of that plunge.