Dow, S&P 500 now up 11% from December lows, but still below 50-day moving averages
The Dow Jones Industrial Average rallied 133 points, or 0.6%, in midday trade, to extend its bounce off the Dec. 24 low to 11.0%. But the Dow was still below the widely followed 50-day moving average (50-DMA), which many chart watchers use as a short-term trend tracker, that currently extends to about 24,364. The S&P 500 has gained 11.3% from its Dec. 24 low, but was still below its 50-DMA at 2,629. Meanwhile, the Nasdaq Composite has shot up 13.6% from its Dec. 24 closing low, and closed above its 50-DMA on Tuesday. Elsewhere, the Dow Jones U.S. Total Stock Market index traded above its 50-DMA intraday Wednesday, the first time it's done that since Dec. 4, before slipping back below it.
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