Wall Street bounced back Tuesday from Monday's steep sell-off. Investors picked up badly bruised industrial and tech stocks after President Donald Trump referred to the escalating trade war with China as "a little squabble". The Dow and S&P 500 added eight tenths percent. The Nasdaq rose one percent.
Noting the weak volume in Tuesday's rally, William O'Neil & Co. chief investment strategist, Randy Watts says this market is in a downtrend.
SOUNDBITE: WILLIAM O'NEIL & CO. CHIEF INVESTMENT STRATEGIST, RANDY WATTS, (ENGLISH) SAYING:
"We haven't really had much volatility so far this year. So we think the market's kind of overdue for either a consolidation or a correction here."
Disney shares rose after the Mouse House signed a deal wtih Comcast that'll give it full operational control of streaming service, Hulu. That'll strengthen Disney's hand as its new streaming service gets set to take on Netflix.
Coke felt the fizz. Shares rose after Morgan Stanley upgraded the beverage giant to "overweight" from "equal weight" and raised its price target.
Shares of Boeing flew higher. Canaccord Genuity says the lack of big orders from China lower the jetmaker's near-term risk from the trade war.