(DCNF)—CNN reporter Vanessa Yurkevich and “CNN News Central” host Boris Sanchez expressed shock Wednesday at the “remarkable” turnaround on Wall Street as stocks neared a record-high close.
The Standard and Poor’s 500 (S&P 500) closed down .02 points to finish at 6092.16, approaching its previous record-high close from February. Yurkevich told Sanchez one Wall Street strategist said the recovery following Trump’s “Liberation Day” tariffs in the S&P took “half the time” recoveries usually take.
“We‘ve been watching the S&P very closely all day as it has been flirting with a new record, the last one set back in February,” Yurkevich said. “But it is remarkable because at the low of the S&P it had shed $9.8 trillion in April, almost entering bear market territory and it’s nearly now recovered all of its losses, and just look at the markets. You see the Dow [Jones Industrial Average], the S&P and the NASDAQ on your screen.”
The Dow closed down 106.59 points to finish at 42,982.43, while the NASDAQ closed up 61.02 points at 19,973.55.
“That dramatic V-shaped drop and then recovery, I was talking to a chief investment strategist, Sam Stovall of CFRA, who told me that usually it takes about four months for markets to enter the low and then another four months for a recovery to get back to even,” Yurkevich said. “That happened in half the time, so it really is remarkable and essentially investors, what they have seen is that after the 90-day pause on reciprocal tariffs and after the tariff rates on China were reduced from 145% to 30%, they really believe that the fear of a recession was taken off the table, and that maybe some of these tariffs had more bark than bite.”
“And also, Boris, just recently, the conflict in the Middle East between Iran and Israel” Yurkevich continued. “Well, what happened over the weekend was that the U.S. took out nuclear sites in Iran and so Wall Street woke up Monday morning and they were relieved, investors were relieved, so you saw a little bit of a relief rally happening today. But we’re watching down to the last minute to see if the S&P will hit a new record today, Boris.”
Trump announced the pause on reciprocal tariffs via an April 9 post on Truth Social that also announced substantial increases on tariffs on Chinese exports to the United States. Trump later announced a reduction on tariffs on Chinese goods after negotiations in Geneva.
The United States struck facilities in Fordow, Natanz and Isfahan related to Iran’s effort to develop nuclear weapons early Sunday morning local time, using as many as 14 GBU-57 Massive Ordnance Penetrators in the operation, which involved a 37-hour flight by seven B-2A Spirit bombers. The United States brokered a ceasefire Monday between Israel and Iran after Israel launched a military operation targeting the Iranian nuclear program on June 12, striking nuclear facilities and targeting the theocratic regime’s top nuclear scientists and military commanders.
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