The Conservative Cave
Current Events => Economics => Topic started by: Wretched Excess on January 23, 2008, 03:35:37 PM
-
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 (http://money.cnn.com/2008/01/23/markets/markets_0945/index.htm?postversion=2008012316)
so much for being doomed.
-
Guess I won't have to rely on eating dog food and heating my house with the oven just yet.
-
New Liberal Talking Point:
BUSH responsible for Market Volatility....