Yo-yo market
Jan. 23rd, 2008 04:09 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
captpackratTotally insane day on Wall Street today. Just before 1 PM (EST), the Dow was down 330 points to 11,645, a drop of about 2.8%. But then a spectacular rally began, with the market closing up 298 points (2.5%) from yesterday, a swing of nearly 630 points! The Financial sector, which caused all this recent bear market, were leading the way up.
The NASDAQ was down nearly 4% midday, but also rallied ending up 24 points, 1%. Technology has now become a major drag on the stock market, with Google down 6%, Palm down 9% and Apple down 10.7% from yesterday's close.
Advances lead declines 3 to 2 on the NASDAQ and almost 3 to 1 on the Big Board. Volume was very heavy.
The European markets didn't fare too well again today, but the Asian markets were doing fantastic, with the Hang Seng up over 10%! This is good news for me, since I have a sizable chunk (29%) of my funds in Asian/Australian funds.
If the ECB cuts rates tomorrow, we could see another good day in the market.
The NASDAQ was down nearly 4% midday, but also rallied ending up 24 points, 1%. Technology has now become a major drag on the stock market, with Google down 6%, Palm down 9% and Apple down 10.7% from yesterday's close.
Advances lead declines 3 to 2 on the NASDAQ and almost 3 to 1 on the Big Board. Volume was very heavy.
The European markets didn't fare too well again today, but the Asian markets were doing fantastic, with the Hang Seng up over 10%! This is good news for me, since I have a sizable chunk (29%) of my funds in Asian/Australian funds.
If the ECB cuts rates tomorrow, we could see another good day in the market.
