Finally… an up day in the markets! From the link:
Wall Street seemed to find its energy Tuesday afternoon as the major exchanges were all up about 10 percent on the day.
Much of rally, analysts said, came as investors began looking for bargains among beaten down stocks as well as expectations of that the Federal Reserve would cut its key rate after its meeting ends on Wednesday. Investors seemed to set aside a consumer confidence report that showed Americans were more pessimistic about the economy in October than at anytime in 41 years.
At the close, the Dow Jones industrial average was up 889.35 points, or 10.8 percent, to 9,065.12, closing above 9,000 for the first time in a week.
The broader Standard & Poor’s 500-stock index was 10.79 percent higher, and the technology-heavy Nasdaq was up 9.53 percent.
Today’s surge doesn’t begin to make up for the losses sustained over the past month and may not even reflect the bottom in our latest bear market, however much we hope. And believe me, Gentle Reader… I’m hoping we’ve seen the bottom as much as anyone. It’s oh-so-painful to look at my 401(k) these days… when I’m brave enough to venture there. Which ain’t often. The last time I looked I was down a lil bit over 20%... which isn’t as bad as it could be, yanno?
The graphics for this post were obtained from the NYT article at the link.
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