Stock Shorts Fold in Best Two-Day Rally Since 2020: Markets Wrap
- US job openings sink to 14-month low in welcome sign for Fed
- Oil jumps as OPEC+ considers larger output cut; dollar falls
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Stocks extended their rebound from deeply oversold levels, with traders weighing whether it would be realistic that central banks moderate their aggressive stance to prevent a hard landing.
The S&P 500 had its best two-day surge since April 2020. Tesla Inc. climbed even after Elon Musk revived his $44 billion bid for Twitter Inc., which soared 22%. On top of the equity short squeeze, soft economic data gave bulls a glimmer of hope when it comes to policy. US job openings sank to a 14-month low -- which may fit well with a Federal Reserve that’s worried about a hot labor market. The dollar slumped.