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Ceaseless Repricing Vortex Serves Up More Vicious S&P 500 Swings

  • Equity index wipes out decline of about 2% for a second day
  • Dramatic back-to-back reversals like this are extremely rare
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BofA's Cabana Says Rates Curve Is Challenging the Market

Jerome Powell says the Federal Reserve will be nimble in formulating monetary policy. The stock market is running itself ragged trying to figure out where it will land.

Twice in two days, S&P 500 has erased a gains of roughly 2% to close the session lower. Such a streak of big back-to-back downside reversals has occurred only once before in Bloomberg’s four decades’ worth of data: October 2008. Equally big swings rocked the market on Monday and Tuesday.