CNBC’s Josh Brown says Wednesday’s gains were a blip on the radar of a serious bear market, despite President Donald Trump‘s 90-day pause on his reciprocal tariff plan.
What Happened: By midday Thursday, the S&P 500, Nasdaq 100, and Russell 2000 had dropped significantly, wiping out nearly half of Wednesday’s gains.
Indeed, Wednesday ranked among the best in market history. But according to Brown, other historic days came during periods of immense financial uncertainty, such as the 2008 financial crisis and the Great Depression.
“Yesterday is peculiar in that it didn’t take place in a statistical bear market down 20% or worse,” Brown said on Thursday. “But from my perspective, close enough. …