Rebound. US stocks rebound off the lows. The NASDAQ closes higher on the day. | Forexlive

The major US stock indices experienced a rebound after trading sharply lower intraday. While both the S&P and Dow Industrial Average still closed lower for the day, the final numbers show that things could have been worse. The NASDAQ index was the top performer, rising 5.91 points after initially declining by -189.71 points at session lows.

• The Dow Industrial Average fell by -279.18 points or -0.87% to close at 31875.62. At its session lows, the Dow had fallen by -725.59 points and never traded in positive territory, remaining down by -248.94 points at the day’s lows.
• Similarly, the S&P index closed down by -27.27 points or -0.70% at 3892.00. At its session lows, the index was down by -81.06 points and tested the closing level from the end of 2022 at 3839.85. The low price for the day reached just below that level at 3838.24 before starting the rebound.

• The NASDAQ index rose 5.91 points or 0.05% at 11434.06. At session lows the NASDAQ was down -189.71 points
• The Russell 2000 fell by -30.94 points or -1.74% to close at 1745.94. The low price for the day reached -60.22 points before recovering half of those declines.

In the US debt market yields are lower but off their low levels for the day:

• 2 year 3.924%, -30 basis points. The low yield today reached a 3.72%
• 5 year 3.569%, -22 basis points. The low yield today reached 3.433%.
• 10 year 3.473%, -16.2 basis points. The low yield reached a 3.388%.
• 30 year 3.664%, -9.5 basis points. The low yield reached 3.603%

A look at the strongest to weakest of the major currencies shows the JPY is the strongest and the CHF is the weakest.

The CHFJPY was the biggest mover with a decline of -2.61%. That was the sharpest one day decline since December 20. Looking at the daily chart below, the price moved back below the 100 and 200 day moving averages at 144.429 and 143.838 respectively. The current price trades at 142.90.