Stocks staged a modest rebound today following Tuesday's sell-off. The Dow Jones industrial average ended up 48.31, or 0.4%, at 12,264.55; the S&P 500 index rose 7.62, or 0.54%, to 1,406.66; and the Nasdaq Composite index increased 8.27, or 0.34%, ending at 2,416.13. All numbers are preliminary.
Also, the Chicago Mercantile Exchange and the Chicago Board of Trade separately announced today that both exchanges set record daily volumes on Tuesday.
The CME said it handled a record 13.71 million contracts, including an all-time high of 10.96 million contracts traded electronically on the Globex platform. Eurodollar futures, the CME's flagship contract, traded a record 4.96 million contracts on Globex and stock index-based contracts were also in record territory. The CBOT set a volume record of 11.19 million contracts, including an all-time high of 8.89 million contracts traded electronically. Futures markets allow investors to quickly gain exposure or hedge their risk during violent market moves.
Richard Repetto, analyst at investment bank Sandler O'Neill & Partners, said the CME's record volume represented 2.6 times its February month-to-date average daily volume. This "almost completely reversed the risk of any substantial earnings per share and volume shortfall in the first quarter," he added.