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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 10/28/2008 : 18:46:45
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The Dow Jones Industrial Average surged 889 points, or nearly 10.9 percent, Tuesday, a day ahead of another expected interest rate cut from the Federal Reserve.
Other major stock indexes also rallied. The S&P500 Index gained nearly 92 points, or 10.8 percent. The Nasdaq Composite Index gained 144 points, or 9.5 percent.
The Dow’s Tuesday gain was its second biggest point gain ever, and ranks as its fifth biggest one-day percentage gain on record. The rally comes two weeks after the Dow’s fourth biggest percentage gain ever, when it rallied just over 11 percent on Oct. 13.
Tuesday’s gains came despite more gloomy news about the economy.
Consumer confidence slumped to its lowest level in at least 41 years in September, the Conference Board reported. Another report on housing prices, the S&P/Case-Shiller Home Price Index, said housing prices in the nation’s 20 largest cities were down nearly 17 percent on an annual basis through August.
Despite Tuesday’s strong rebound, the Dow Jones Industrial Average is still down 31.7 percent year-to-date. The S&P500 Index is down nearly 36 percent this year.
Jeff Clabaugh with the Washington Business Journal, an affiliated publication, compiled this report.
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Think positive. |
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redneck
1000+ Penny Miser Member
1273 Posts |
Posted - 10/28/2008 : 18:54:51
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Up, today...
Probably down at the end of the week...
Trick or treat anyone...???
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fb101
Administrator
USA
2856 Posts |
Posted - 10/28/2008 : 19:04:00
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Wow! I guess all our problems are over!
Seriously, anyone bother to check the volume? It wasn't nearly as impressive as the numbers.
My guess is short covering rally. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 10/28/2008 : 19:44:47
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Yeah, but be it ever so slight, gold and silver were up today too. So is good DOW news now good PM news too. I know, I know, it's the fed rate cut stupid! |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 10/28/2008 : 22:35:41
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That's not until tomorrow. Then it will all drop again.. even if they get what they expect.  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Dow rallies 889
Forum Locked
