Another 500+ Point Swing On The DOW
Another 500+ Point Swing On The DOW
The DOW swung between a 261 point loss and a 302 point gain during Friday’s trading session as traders balanced Warren Buffett’s sage advice against further signs which say the economy is in a recession. It was the sixth day in a row the DOW traded through a 500 or greater point range. Reports on Friday morning showed that housing starts fell to their lowest level in 26 years and that consumer sentiment had its biggest one-month decline in October.
At the close of floor trading on the NYSE, the DOW was on 8852.06 after falling 127.20 points (-1.42%). The S&P closed on 940.55, down 5.88 points (-0.62%) while the NASDAQ finished the day’s trading on 1711.29 with a loss of 6.42 points (-0.37%%). Treasuries were slightly higher as stocks declined. The 2-year note’s yield fell 2.2 basis points to 1.606% while yield on the 10 year note fell 4.6 basis points to 3.916%. The dollar was mixed, gaining 0.21% on the euro while falling 0.13% on the yen and 0.20% to the pound.
“Chart technicians will be happy to see this week’s low on the S&P was higher than last week,” said Matthew Carniol, chief currency strategist at TheLFB-forex.com. “But the indexes finished with Doji candles for the week, which generally signals indecision. That probably describes where the thinking is now better than anything else.”
Crude oil for November delivery finished trading up $2.22 (3.18%) to close on $72.07 per barrel as traders speculated OPEC might cut production.
Gold for December delivery finished trading down $17.10 (-2.13%) to $784.40 per ounce after traders speculated that inflation would decline.
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
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