Posted on 10/04/2011 1:19:29 PM PDT by blam
STOCKS MAKE GIGANTIC COMEBACK: Here's What You Need To Know
Sam Ro
Oct. 4, 2011, 3:59 PM
Huge last minute news out of Europe sent stocks soaring out of bear market territory.
First, the scoreboard:
Dow: +150
S&P 500: +24
NASDAQ: +69
And now, the top stories:
* Greece and the Eurozone continued to hang over investors' heads, causing European stock markets to close lower, and US stocks to trade lower for most of the day.
* Also, all eyes are on how Europe will handle the potential collapse of Belgium bank Dexia, which tumbled 22% today. More on how Europe will handle banks later.
* Deutsche Bank announced it would miss its full year profit targets. Among other things, the bank is taking a 250 million euro impairment charge on its Greek sovereign debt holdings. It's also planning to to cut 500 jobs.
* US banks were negative for most of the day. Morgan Stanley dipped, even after its largest shareholder said it was sticking with the stock. CEO James Gorman said circulated an email to restore confidence. But the stock continued to stumble.
* Bank of America continues to struggle to get its website back up. No one knows why.
* August factory orders was the only major economic news, and it disappointed. Orders fell 0.2%. Economists were hoping for 0%.
* Most metals sold off. Gold for December delivery fell to $41 to $1,616 per ounce.
* Fed Chairman Ben Bernanke spoke in Washington. No major news. He told the Joint Economic Committee that the economy is "close to faltering." But he also said he's got a few extra tricks up his sleeve in case the economy needs them. He also said "we're innocent bystanders" of the Eurozone debt crisis.
(snip)
(Excerpt) Read more at businessinsider.com ...
I lost 1000’s today because of that massive late rally.
So, what was the news? The blogger doesn't mention any news in his "top stories" summary.
A fresh shipment of happy pills came in just in time?
http://confoundedinterest.wordpress.com
Europe says they are going to get their act together .... again.
This is insane.
Look at the economic numbers at this economist’s blog. It’s BAD and no reason for that rally.
Wow another late day story from the the Financial Times that politicians are talking about maybe doing something and the markets take off. Never mind that nothing has really happened, that this plan would apparently involve more than the EU countries (good luck on that), that in the end the plan still comes down to printing money. How many times will this kind of pump the market story work?
I was going to ask the same question...what is this oh so glorious news to make the market jump 150 points? More B.S.?
“Bank of America continues to struggle to get its website back up”
Bwaaaaahahhaha! Back a few years ago we were about to travel when HSBC canceled our credit card so we got a BOA card. Never could pay our bill on-line without a real live rep. Mostly because the site was cluttered so busy hunkering and shilling their services.
This after years of paying other bills with ease...I swear I could hold my breath in the time I could go on-line pay most bills and sign out.
Because of that continuing terrible on-line experience we got another card.
After we received one of those e-mail “how was our service?” survey, we put our heads together. After politely explaining exactly why their on-line service was the industries bench mark bottom of the barrel compared to others...never heard a thing.
150 points?
Sheesh—Gigantic comebacks ain’t what they used to be.
Stocks have been driven down so much lately that an earnings rally over the nexts while is almost inevitable. DOW may rise 1,000 points from these levels.
When the market was down -200 points earlier today and then ends at +150...pretty big swing.
Actually, the market jumped about 400 points in the last hour to finish up 150 for the day. A big move on just news that some Europeans may throw some money out their window. It would be one thing if our stock market was just about us, but this being chained to Europe for all practical purposes rubs me the wrong way.
Swing—Yes
Gigantic comeback—Don’t think so
ROFLOL!!!~!
they jumped a whole lot more than 150 points, with less than an hour left the dow was down over 200 points, but closed up 150, that’s a 300 point swing in less than an hour, and it cost me 1000’s
It definitely wasn’t a key reversal, although extremely impressive, and the after-close downgrade of Italy could dampen things a bit.
Some computer in some brokerage said buy and then everybody else followed along.
Here’s what you need to know:
MASSIVE FED INTERVENTION
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