January 23rd, 2008

Stock Market

Yo-yo market

Totally 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.
  • Current Mood
    relieved relieved
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