US stocks set for a comeback, or another blow?
New York
THE deep selling that has been synonymous with Wall Street in the New Year became bad enough on Wednesday to start drawing in buyers, but it is still too soon to tell whether they will look brilliant or battered in the weeks ahead.
The steep declines on Wednesday morning sent mixed signals regarding a market bottom. Several technical indicators - the number of stocks hitting new lows, for example - pointed to a market recovery coming soon.
But negative factors remain. The outlook for US corporate earnings continues to worsen, and worries about further declines from softer Chinese demand and weak oil prices persist. The S&P 500 could fall another 8 per cent before earning a "bear market" title, and some market inves…
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