Investors Keep Faith in U.S. Stocks as Dip Gives Buy Sign
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When the U.S. stock market opened yesterday, the Standard & Poor’s 500 Index was poised for the first 1 percent drop in three months. Then the bulls stepped in.
The U.S. equity benchmark pared most of its losses during the day, closing down 0.4 percent amid speculation the initial selloff was overdone. Any slump in the market will be temporary and represents a good time to buy, said Craig Hodges, manager of the $1.4 billion Hodges Small Cap Fund that’s beaten 99 percent of its peers over three years.