Wednesday, December 03, 2008
A Small Bounce
The market indices regained nearly half of Monday’s losses on strength in financials. The Dow added 270 points, or 3.31 percent, to close at 8,419.09. The SPX gained 32.60 points to finish at 848.81.
Monday’s huge declines came on the back of poor economic news and an official announcement that a recession in the U.S. began in December 2007. This news really took a toll on financial stocks, but this group was able to recoup some of these losses on Tuesday with Bank of America, Citigroup and Goldman Sachs seeing strong gains.
Economic news was light Tuesday, but will pick up once again on Wednesday with data from the ISM Non-Mfg. Survey; several reports on the employment situation; productivity and costs data; and the Fed Beige Book.
Until next time.
Monday’s huge declines came on the back of poor economic news and an official announcement that a recession in the U.S. began in December 2007. This news really took a toll on financial stocks, but this group was able to recoup some of these losses on Tuesday with Bank of America, Citigroup and Goldman Sachs seeing strong gains.
Economic news was light Tuesday, but will pick up once again on Wednesday with data from the ISM Non-Mfg. Survey; several reports on the employment situation; productivity and costs data; and the Fed Beige Book.
Until next time.
# posted by Paul @ 4:19 AM 
