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Bargain hunters drive bounce after bloody Monday

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Stocks are up and Treasurys are down as the markets are shrugging off a beating Monday after a bleak December manufacturing report triggered a big sell off.  

After a brutal Monday – the seventh day of triple-digit losses in 2014 so far – the markets saw a bounce driven by bargain hunters. Housing stocks, steel, and airline stocks were all seeing early afternoon gains.

The Dow picked up 100 points as of 2 p.m. ET, while the Nasdaq was up 39.96 points.

The HW 30 — a proprietary index of top stocks impacting the housing economy — was likewise up, 5.33 points or 0.51%.  

The markets also weren’t spooked as they were previously by talk of the taper.

On Tuesday morning, Richmond Federal Reserve President Jeffrey Lacker said he doesn’t think new Federal Reserve Chair Janet Yellen will slow the pace of tapering bond buying. Lacker is not a voting member of the Federal Open Market Committee but he echoed talk from Dallas Fed President Richard Fisher.

"Our sense is that the worst of the markets fears are overdone and that equities will recover and rally further over the remainder of the year," said Julian Jessop, equity analyst for Capital Economics.

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