Posted on 08/23/2011 2:58:50 PM PDT by NormsRevenge
NEW YORK (AP) -- Stocks posted their biggest jump in nearly two weeks on Tuesday. Investors picked up cheaply priced stocks after fears that the U.S. would slip into a recession pounded the market over the last month.
The Dow jumped 322 points, its best day since Aug. 11, when it gained 423. The Dow dipped about 60 points shortly after an earthquake hit the East Coast at 1:51 p.m., but recovered within 20 minutes and soared even higher in the afternoon.
James Paulsen, chief investment strategist at Wells Capital Management, said the beating stocks have taken since late July made it look like investors were preparing for a recession.
(Excerpt) Read more at finance.yahoo.com ...
yah...and depending on what happens overnight, and who gets spooked by what, it could easily lose 500 points tomorrow...
If the earthquake had destroyed Washington, D. C., the value of stocks would have doubled.
Before or after the earthquake?
In anticipation of Irene?
I sold $XX,000 of TIPS and bought S&P500 today.
The TIPS were yielding -0.5%, and the dividend yield on the S&P is about 2%, plus the backwards P/E was around 12. That’s a buy sign. Corporations have the cash cushions; not governments. S&P500 earns more than half their profits in non-dollar countries, so it’s a bit of an anti-U.S. bet.
I shoulda done it yesterday; but today will do just fine.
I really expected the markets to do a 180 right after the earthquake hit. We all know how easy it is to rattle investors.
Green shoots!! /s
About time for a little pump and dump.
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