Josh Brown thinks there is reason for investors to stay cautious even after Wednesday’s historic market rally . “While it was exhilarating and remarkable and a lot of fun … the end result today is, ‘oh, wait a minute — maybe we put the financial crisis on hold, but we still get to have a recession,’” he told CNBC’s ” Halftime Report ” on Thursday. “This feels more to me like a classic bear market than it does a correction or a dip or a quote-unquote healthy pullback.” On Wednesday, the S & P 500 skyrocketed 9.5% to notch its biggest one-day rise since 2008 and its third-biggest gain since World War II. The Dow Jones Industrial Average and Nasdaq Composite surged 7.87% and 12.16%, respectively. .SPX .DJI,.IXIC 5D mountain S & P, Dow, Nasdaq 5-day charts This came after President Donald Trump announced a 90-day pause on tariffs targeting goods from certain countries. However, he also raised levies on Chinese imports to an effective rate of 145%. The market sell-off resumed Thursday, with the S & P 500 losing more than 5%, giving up more than half its Wednesday gains. The blue-chip Dow Jones Industrial Average at one point was down more than 2,000 points, after a nearly 3,000-point surge in the previous session. Brown pointed out that the previous best daily gains for the S & P 500 typically have taken place in a statistical bear market. Bear markets are typically defined on Wall Street as declines of 20% or more from a recent high. The S & P 500 was around 15% below its all-time high reached in February. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
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