"There's clearly a tug-of-war going on," he says. "One one side, there are the investors who believe that although we've had a serious correction, the bull market isn't over because the U.S. economic fundamentals are still strong. On the other, those who look at the rest of the world -- and at our own weakened president -- think that the markets' good days are behind us." For now, the optimists are winning, but Baumohl says this is a fragile prosperity -- "with one piece of bad news, it could very quickly back down" -- so on Wednesday, keep your eye on the ticker and your fingers crossed.
The Sunny Side of Wall Street
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NEW YORK: The bargain hunters were out in force Tuesday, pushing the Dow's blue chips up almost 288.36 points at the closing bell -- erasing a good-sized chunk of Monday's carnage. NASDAQ followed suit, gaining 75.89. points. But TIME business reporter Bernard Baumohl says that the morning's wild volatility hints that even if the bears were napping during that late-afternoon surge, they're not in hibernation yet.