After several days of sinking numbers in the stock market, there's hope on the horizon as some speculate a growing rebound, USA Today reports. The market's closing on Friday, October 17 was above that on Friday, October 10, which is a good sign, Todd Clark, a trader at Nollenberger Capital Partners, told USA Today.
The market bounced up last week in the midst of disappointing news of weak factory activity in the Mid-Atlantic region. Meanwhile, hedge funds' private pools of money are experiencing outflows, with $43 billion exiting last month. Other positive signs include The Dow's swing of a record 498 points on average over the past 30 days, more than double the 231 average intraday range last year. However, while investors hope the market has hit bottom, it will take time to clarify if there will be a strong recovery. "You get these rallies, and some (investors) sell but eventually one of (the rallies) doesn't stop, and you break through," said Bill Stone of PNC Wealth Management.