Monday's stunning recovery on Wall Street was a day to remember, one that market historians will likely look back on as the Columbus Day rally. After last week's huge selloff and frantic public and private efforts over the weekend to restore confidence in credit markets, the Dow shot up more than 900 points, with technology stocks performing especially well. The technology sector was up nearly 12% by the end of the day, while the Nasdaq Internet Index rose 11%. Shares of some large-capitalization technology stocks jumped even more, including:
- RIM (up more than 15%)
- TechTarget (up more than 17%)
- Intel (up 12%)
- Apple (up 14%)
- Microsoft (up more than 18.5%)
- Google (up nearly 15%)
- Dell (up nearly 15%)
However, there is still a great deal of concern over the health of certain financial institutions and the unresolved credit crisis. The prospect of a global recession is very real, and the potential impact on listed companies will be enormous.
Source: Google Finance
Comments
funny. I think the "stunning recovery" will be seen as a blip, an anonmoly. There's no way this can hold up when we still have the same root problems in our economy that we've had for the past 10 years or so to ANYONE with their damn eyes open.
Housing prices are overvalued? CHECK
Are we still printing useless paper and not backing it with anything of value? CHECK
Are wages still stagnant for the working class, at the same place they were 15 years ago? CHECK
Is the gap between the haves and have nots still wide? CHECK
American's still not producing anything that the rest of the world wants to buy? CHECK
Nobody is saving are they? CHECK
American workers so sick of it all we're willing to walk off the job at a moment's notice? CHECK
Q: Why the hell was there a rally today?
A: Because Wall Street and the morons who work there are STILL out of touch.
I would like info. on how to buy and sell stocks.
well see, irst you have to get the surgery to remove one half of your brain...
Ah, mass hypnosis in all its glory. While the workers and laborers watched CNN and MSNBC on their Comcast-cable-televisions, and seeing words like meltdown, crisis, worst day in history all flashing across the screen.
Yet Monday came and LO, a miracle. The market arose! The newscasters shout gleefully, relieved. The trouble is passed, and the family man can stop worrying about his family's future. A deep sigh, relieved.
He wakes up when its still dark outside to get to work at 4 AM . He leaves in his car, making sure to buy tomatoes from the store before work. The radio's talking about stocks again. He chuckles to himself. I sure was worried there for a second. he says with a grin.
Out of sight, out of mind.
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