Dow turns positive for year: Erases 2,000-point plunge [View all]
The Dow turned positive for the year on Thursday, erasing a scary start to the year that at one point had the index down as much as 1,974 points in just the first three weeks of 2016.
The remarkable rebound has been driven by a spike in oil prices and fading fears of a possible recession in the U.S. Oil has returned to $40 a barrel and the U.S. economy continues to grow, despite the global slowdown.
But just a few weeks ago the markets were in full meltdown mode, with many predicting the bull market was on its death bed.
"That marked the zenith of panic. The market traded to extremely oversold conditions," said Peter Kenny, an independent market strategist. "Since the lows we've seen the market rally in stealth mode. Those who panicked got punished."
http://money.cnn.com/2016/03/17/investing/stocks-positive-2016-dow-jones-oil/
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