All the major U.S. stocks indices recovered from steep losses, and then some, after the North Korean missile test, though decliners slightly outpaced advancers on the NYSE.
The Dow Transports, which led the recent bout of volatility, reclaimed its 200-day moving average.
Should have seen today’s recovery coming as it was telegraphed early by South Korea’s KOSPI stock index. After falling 1.5 percent, it bounced off the lows a few hours into the trading session to close only down about 1/4 of a percent.
The KOSPI is expected to post an 88 percent y/y earnings increase this year. Wow!
Firms in benchmark Kospi will post earnings per share of 236.10 won in 2017, representing an 88 percent jump from last year and the highest profits since 2010, according to analyst estimates collated by Bloomberg. The annual estimate is based on forecasts for individual stocks in the benchmark and is updated throughout the year as analysts freshen their projections. – Bloomberg, August 28
Not putting much stock in this week’s trading, however, as nobody is around. Mostly noise with algo flippers in control. Waiting for the September to remember.