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Market Recap: Wednesday, September 9

The markets closed in the green as they rebounded from Tuesday’s market sell off, with all sectors seeing gains while being led by the technology sector in particular. The Final Round panel discusses the latest.

Video Transcript

SEANA SMITH: Welcome back to "The Final Round" here on Yahoo Finance. I'm Seana Smith. We are looking at a huge turnaround in the market today, very different from what we've seen in the last three trading sessions.

Solid gains across the board. The NASDAQ is the biggest gainer today, off its highs of the day up just around 2.8% with only around 20 seconds left in the trading day. S&P up over 2%, and the Dow regaining some steam, up just around 450 points Today that's about a 1.6% gain for the Dow. The biggest gainers in the Dow, some of those tech names that we've been talking about. Microsoft, Salesforce, and Apple are the three outperformers in the Dow today.

[BELL RINGING]

[APPLAUSE]

[HAMMERING GAVEL]

And that does it for the trading day today. Again, all three of the major averages in the green. S&P and NASDAQ both up over 2%. The Dow holding on just around a one point, a 6% gain. When you take a look at the sector action, you can see it's a pretty broad based at the gains today. All 11 of the sectors are in the green. We're seeing technology lead the way. Investors stepping in and buying some of those tech means had been under a tremendous amount of pressure over the past three days. Apple, among the leaders in the Dow, also Microsoft.

We're also seeing some gains in Amazon and in Alphabet. A couple of stocks have been favored here amongst investors over the last several months. So the market really trying to figure out, I think, what the right valuation is for these stocks. Some of those momentum names that have also been under pressure, Zoom, NVIDIA, I mentioned Salesforce is one of the leaders in the Dow today. All three of those names back in the green.

On the other hand, we're seeing that re-opening trade as some of those names specifically in travel under pressure today. United, American, Norwegian amongst those losers today. All off just around 4%. I want to bring in my co-host for the next 60 minutes, Myles Udland. We are also joined by Yahoo Finance Editor in Chief, Andy Serwer, Rick Newman, Akiko Fujita, and Jared Blikre to help us break down today's action and the biggest stories that we're watching. And Myles, let me just kick it over to you first just in terms of what's your take on today's rally, whether or not it's going to stick.

MYLES UDLAND: Well, look, I think we all knew there was going to be a rally of some sort at some point. Now, one day doesn't mean that that was it, but at the same time, if we go back to June, we had, you know, so now we have three scary days, right? In June, we had two scary days. We had a Thursday and a Friday where the market was down. I mean, the S&P lost 7% in one session, and we waited around for a couple of weeks and said, what's going to happen here? And next thing we knew, we were at record highs. So we can't, in this environment, rule anything out.

But I will say that the market continues to look like it has its act together, and I know Jared can speak to this a little bit more, you know, kind of lucidly that I can. But as an amateur technician, I will note that the S&P 500 did move to its 50 day moving average, and then it did bounce about 3% from there, which indicates that the not just long term but medium term [INAUDIBLE] the market, which has been driving stocks to these record levels. It was really the basis for a view that the record highs, I mean, back when we were talking about this in July and August, we said they were inevitable, then they did indeed happen. And that trend in the market is still intact so far as we know through the first four days of this kind of weird period for markets.

So sure, of course, we're going to see what happens. We have a lot of large events looming. The Fed next week, we're going to get earnings season in mid-October, then we're going to get an election on November 3. But between now and then, or at least based on what's happened so far, the market's trend that has prevailed is certainly still intact.