Dow Gains Almost 900 in Late-Day Trading

The Dow Jones ended the day at 9,065—up 889 points—as, the NY Times reports, "investors began looking for bargains among beaten down stocks." Plus, there's hope that the Federal Reserve will once again cut the key rate.

The day started out with the Dow going up 200 points, even hitting 300 points above the open, but then those gains were lost after a report that American consumer confidence is at a record low.

But in the last two hours of trading, the stock started to climb up and by the end, the Dow was up 10.88%, the S&P 500 was up 10.79%, and Nasdaq up 9.53%. An equity market strategist told Bloomberg News, "Anyone who has a long-term view and looks at earnings multiples and inflation will say it's a cheap moment to buy stocks." Still, before today, Bloomberg News also points out that $12 trillion in equities' market value was lost.

Also: Happy 79th anniversary, 1929 stock market crash!

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By Jen Chung in News on October 28, 2008 4:08 PM

Comments [rss]

Shinobi Shaw

That is true, this is truly the last time people are going to get good deals before the staggering hyperinflation happens next year.

NYCSniper

Actually, now is the time TO START SPENDING. Buy whatever it is you are thinking of buying: flatscreen teevee, designer duds, whatever. Inflation is bound to be such that the dollar will be worth dramatically less in the coming months.

SeasTooFarToReach

For goodness sake, let's chill until it actually holds it and soars above 10k points, then we can put this in a big headline.

Also, are these people surprise at reports of "low consumer confidence" and less spending... who would wanna spend on anything, unless it's a necessity, these days?

It's like earlier in the year when every time you turned on the tv there was newscaster talking about "recession" and then they'll cry out to the heavens: consumer confidence is down!

Of course consumer confidence and spending is down, it's called common sense. Let's hold back a bit until christmas.

I'm also slightly annoyed at the "retirement savings" comments. If you are investing it, they are not savings and they are definitely not yours.

HUGO_MEGO

ROCK AND ROLL.

Mr Mel

Now we have to do it at least 2 days in a row.

Steven

Is the media still playing the fear factor in the markets?

NannyState

We're rich! We're rich! Everybody....anybody?

Shinobi Shaw

This is not a good time to be in the market, right now it's going to be a pendulum going back and forth until it tanks.

Buy now get screwed later. These people should know by now how *volatile* the market is.

Stop investing in the markets, get yourself out and invest in commodities!