The bulls certainly fought back with vengeance the last two days after Thursday’s ugly reversal rout. That’s not surprising given the pullback got to the 5% mark during a time of year when larger declines are rare, save 2000, 2007 and 2018.

Investor sentiment on the outlook for another rate cut has been volatile lately, but comments from Federal Reserve officials in recent days have turned the tide back in favor of the doves.