The US stock market experienced another wild roller coaster ride on December 28 after three massive buy orders roiled Wall Street in late-afternoon trading.
The Dow Jones Industrial Average closed at 23,062, down 76 points from the previous day’s stunning 800-point spike.
Finance blog ZeroHedge opined that institutional investors — specifically, pension funds executing year-end reallocation trades — are behind the market’s erratic intraday fluctuations.
The NYSE Tick jumped several times in the afternoon following the massive buy programs. The Tick Index is an indicator used by day traders to assess the overall market sentiment at a given point in time.