Author Topic: Stocks rally back from abyss (Dow closes up 300)  (Read 1558 times)

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Offline Wretched Excess

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Stocks rally back from abyss (Dow closes up 300)
« on: January 23, 2008, 03:35:37 PM »
Quote
Strong rally takes out earlier losses
Stocks bounce back as investors jump back in after steep selloff that left the Nasdaq in bear market territory.

NEW YORK (CNNMoney.com) -- Blue chips rallied Wednesday afternoon, with the Dow bouncing back from a more than 300-point loss earlier in the session, while the Nasdaq erased losses sparked by Apple's profit warning.

The Dow Jones industrial added almost 300 points, after having fallen more than 300 points earlier in the session. The Standard & Poor's 500 (SPX) index rose 2.1 percent.

The Nasdaq composite gained 1 percent after sinking more than 3 percent earlier in the session.

The three major gauges have slumped for five sessions in a row amid worries that the credit and housing market crises will send the U.S. economy into recession. Global stocks have slipped too.

On Tuesday, the Federal Reserve announced an emergency intermeeting rating cut, a decision that got some mixed ratings from critics, but nonetheless helped the market close off its lows.

After sliding throughout Wednesday's session, stocks rallied near the close, with investors scooping up some of the stocks that were hit the hardest in the recent selloff.

Story



so much for being doomed.




Offline NHSparky

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Re: Stocks rally back from abyss (Dow closes up 300)
« Reply #1 on: January 23, 2008, 03:38:37 PM »
Guess I won't have to rely on eating dog food and heating my house with the oven just yet.
“Any man who thinks he can be happy and prosperous by letting the government take care of him better take a closer look at the American Indian.”  -Henry Ford

Offline Hawkgirl

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Re: Stocks rally back from abyss (Dow closes up 300)
« Reply #2 on: January 23, 2008, 07:26:51 PM »
New Liberal Talking Point:

BUSH responsible for Market Volatility....