Technical rally fuels market rebound

U.S. stocks rebounded yesterday, regaining the losses of the previous session in a mostly technical rally with an absence of negative news.
The Dow Jones industrial average closed up 247.36, or 1.9%, at 13,289.21; the S&P 500 rose 31.34, or 2.19%, closing at 1,463.70; and the Nasdaq composite was up 62.52, or 2.5%, to close at 2,563.16.
All numbers are preliminary.
“It looked more like a technical bounce after yesterday’s steep losses,” said Bill McGowan, managing director at Interactive Brokers.
“When everybody comes back from vacation next week, I think we are more likely to retest the 13,000 zone on the Dow than the 14,000. I expect more choppiness, mostly on the downside.”