QuoteNEW YORK (AP) -- Wall Street had another astounding advance Tuesday, with the Dow Jones industrials soaring nearly 900 points in their second-largest point gain ever as late-day bargain hunters stormed into the market. The Dow and the Standard & Poor's 500 index were each up nearly 11 percent.
There didn't appear to be any one catalyst for the surge that saw the Dow nearly double its gain in the last hour of trading. Many analysts said investors were grabbing up stocks in the belief that the market had fallen too far in recent sessions; the Dow had dropped 500 points in two days. Some said buying early in the day came from anticipation of an interest rate cut Wednesday by the Federal Reserve, and the market just followed its recent pattern of building on its gains or losses in the last minutes of the session.
http://biz.yahoo.com/ap/081028/wall_street.html
great...because the loss in my 401(k) value from last week to yesterday was ridiculous!
This is definitely one of those moments of realization that "if it bleeds, it leads" is the de facto M.O. of pretty much all the media. I was sequestered in the NC mountains for four days, and listening to the news shows this morning, there was NO mention of the second-largest Dow points-gain in history.
None.
Which lends more evidence to the fact that only news that's reported is bad, doom-and-gloom type stuff. Sad day. Will be interesting to see where it goes from here.
Quote from: Doctor_K on October 29, 2008, 09:20:45 AM
This is definitely one of those moments of realization that "if it bleeds, it leads" is the de facto M.O. of pretty much all the media. I was sequestered in the NC mountains for four days, and listening to the news shows this morning, there was NO mention of the second-largest Dow points-gain in history.
None.
Which lends more evidence to the fact that only news that's reported is bad, doom-and-gloom type stuff. Sad day. Will be interesting to see where it goes from here.
They were all over the "consumer confidence index" being at historic lows. I just shook my head at the 6:30 talking head who bash us over the head continuously with bad news without any context and then inform us that their polling data questions show everyone thinks everything sucks... :D
in fairness to the reporters, there is not much actual good solid news out there right now. i do believe we have reached our bottom already now. we could re-test again, but we already have once and we just bounced back up from that bottom again. yesterday was people realizing how cheap the stocks were. we could go back down there again.
Stocks don't always represent real economy (driven by Real Americans of course).
Stocks might be up but more and more people are losing their jobs.
Quote from: Bostech on October 29, 2008, 01:48:57 PM
Stocks don't always represent real economy (driven by Real Americans of course).
Stocks might be up but more and more people are losing their jobs.
there is no "might" or "don't always". This is fact. No question about it. Just like the economy is not going to lose 45% of it's value, but the stocks did. That was not an accurate representation.
The stock market is a leading indicator by 6-9 months of the greater economy.
market up 120 points today on news that GM may be receiving help from Toyota (financing) and entering into an agreement to take over Jeep from Chrysler. commodities up large.
My jokes are coming true.
Toyota will bail out US afterall.
Quote from: Bostech on October 29, 2008, 02:00:10 PM
My jokes are coming true.
Toyota will bail out US afterall.
lol...Toyota ain't bailout the US. they are hurting tremendously as well due to the strength of the yen.
most are starting to agree that we have seen "the bottom"...it was around 8,000 - now back up to 9,500 almost.