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Stocks rebound fitfully after selloff

 
Anonymous Coward
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02/28/2007 04:15 PM
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Stocks rebound fitfully after selloff
Stocks rebound fitfully after selloff

NEW YORK - Wall Street rebounded fitfully Wednesday from the previous session's 416-point plunge in the Dow industrials as investors took comfort from comments by
Federal Reserve Chairman Ben Bernanke but still showed signs of unease about the economy.

Bernanke's remarks to Congress that he still expects moderate economic growth gave some investors confidence to look for bargains. A recovery in some overseas markets following a worldwide selloff Tuesday also lent some support to U.S stocks, but the advance lacked some conviction the major indexes fluctuated through the morning and into the afternoon, with the Dow rising as much as 137 points before pulling back and then advancing again.

The Fed chairman allayed some of the fears about a slowdown in the U.S. and Chinese economies that fed Tuesday's drop; remarks earlier in the week from former Fed Chairman
Alan Greenspan warning that a U.S. recession could take hold later this year contributed to Tuesday's declines.

Investors parsed a series of economic reports out Wednesday, hoping to glean a sense of where stocks were headed. Bernanke's comments and a gross domestic product reading that mostly met expectations helped bring out some buyers. Nevertheless, investors remained cautious and didn't rush headlong into stocks and discount the possibility of a further shakeout.

"It's typical that you get a bounceback the next day," said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co. "Now we're essentially flat on the year. Can we go up from here or down? That sorting-out process will continue now."

A recovery in China's Shanghai Composite Index, which had fallen nearly 9 percent Tuesday, also helped boost U.S. stocks, although other Asian markets and European exchanges saw declines of more than 1 percent.

According to preliminary calculations, the Dow Jones industrials rose 52.07, or 0.43 percent, to 12,268.31.

Broader stock indicators also managed gains. The Standard & Poor's 500 index climbed 7.77, or 0.56 percent, to 1,406.81, and the Nasdaq composite index rose 8.27, or 0.34 percent, to 2,416.13.

Bonds fell as stocks tried to recoup some losses. The yield on the benchmark 10-year Treasury note rose to 4.56 percent from its low for the year of 4.47 percent late Tuesday.

The dollar was mixed against other major currencies, while gold prices fell.

[link to news.yahoo.com]
Anonymous Coward
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02/28/2007 04:16 PM
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Re: Stocks rebound fitfully after selloff
bsflag
Anonymous Coward
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02/28/2007 04:16 PM
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Re: Stocks rebound fitfully after selloff
WE WANT DOOM!!!!!!!!!!!!!!
Anonymous Coward
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United States
02/28/2007 04:18 PM
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Re: Stocks rebound fitfully after selloff
Sure, but I ended losing alot.
Anonymous Coward
User ID: 202541
United States
02/28/2007 04:20 PM
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Re: Stocks rebound fitfully after selloff
Sure, but I ended losing alot.
 Quoting: Anonymous Coward 202412



Then STOP PUTTING $$$ in the STOCK MARKET!
Witness_

User ID: 2694
United Kingdom
02/28/2007 04:27 PM
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Re: Stocks rebound fitfully after selloff
Let's see what happens. The housing bubble is bursting... so standby.
Anonymous Coward
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United States
02/28/2007 04:37 PM
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Re: Stocks rebound fitfully after selloff
AMERICA! FUCK YEAH! COMING TO SAVE THE MOTHERFUCKING DAY NOW!
Anonymous Coward
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United States
02/28/2007 04:51 PM
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Re: Stocks rebound fitfully after selloff
I'm like a whore on crack when it comes to playing the stock market.
Anonymous Coward
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02/28/2007 04:54 PM
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Re: Stocks rebound fitfully after selloff
As if you can actually trust pro-zionist Bernanke. LOL!!!!
Anonymous Coward
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Italy
02/28/2007 04:58 PM
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Re: Stocks rebound fitfully after selloff
Didn't Hong Kong lose 9% in one day?
PACNWguy

User ID: 60206
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02/28/2007 05:21 PM
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Re: Stocks rebound fitfully after selloff
This was a nothing day for experienced investors. It was news for the news people who dont have anything else to talk about to earn their salaries. Nicole Smith is played out and their isnt anything to turn into breaking news.

The market was overdue for a small correction and was already priced into the market.

Dont count on the housing collapse either. Its not going to happen on anything out of the ordinary. We have had corrections in over priced areas like Denver, Houston and Boston many many times in the past 20 years.

It is as natural as getting gas. A real estate fart for another term.

Also,,the average life if a mortgage company in the US is 2 years. Thats it. period. You can take that to the bank.

No worries mate.

no doom here.
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

"I inherated and I am Great!"
MAD REX

User ID: 198719
Canada
02/28/2007 06:22 PM
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Re: Stocks rebound fitfully after selloff
this was just a scam to consolidate jew gold
TruthDiesel

User ID: 124991
United States
02/28/2007 06:44 PM
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Re: Stocks rebound fitfully after selloff
Stocks rebound because of the work of the Plunge Protection Team.
Think! It ain't illegal yet!
Witness_

User ID: 2694
United Kingdom
02/28/2007 07:04 PM
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Re: Stocks rebound fitfully after selloff
LOL!
I love that line about A. N. Smith!

Nice!


This was a nothing day for experienced investors. It was news for the news people who dont have anything else to talk about to earn their salaries. Nicole Smith is played out and their isnt anything to turn into breaking news.

The market was overdue for a small correction and was already priced into the market.

Dont count on the housing collapse either. Its not going to happen on anything out of the ordinary. We have had corrections in over priced areas like Denver, Houston and Boston many many times in the past 20 years.

It is as natural as getting gas. A real estate fart for another term.

Also,,the average life if a mortgage company in the US is 2 years. Thats it. period. You can take that to the bank.

No worries mate.

no doom here.
 Quoting: PACNWguy
deadeye
User ID: 182598
United States
02/28/2007 07:22 PM
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Re: Stocks rebound fitfully after selloff
Lets see now...Down avg. 416 yesterday...Up 52 today... If I had a basketball that bounced back lke that...I'd throw the SOB in the garbage!! AND Bennie B is on the scene like a SUPERMAN to save the day...Photo op shot of big Daddy telling us everything is fine!...China burps and the world shakes in it's boots...What a mess we are in.
ALL HAIL & PRAISE BIG BEN BERNANKE.
rant
Redheaded Stepchild

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02/28/2007 07:35 PM
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Re: Stocks rebound fitfully after selloff
AMERICA! FUCK YEAH! COMING TO SAVE THE MOTHERFUCKING DAY NOW!
 Quoting: Anonymous Coward 202550


Great. I'm going to have that little ditty running thru my head all nite. Geez.
"Until you are willing to organize your friends and neighbors and literally shut down cities - drive at 5mph through the streets of major cities on the freeway and stop commerce, refuse to show up for work, refuse to borrow and spend more than you make, show up in Washington DC with a million of your neighbors and literally shut down The Capitol you WILL be bent over the table on a daily basis." Karl Denninger

Don't blame me; I voted for Ron Paul.


Silence is consent.
Anonymous Coward
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United States
02/28/2007 07:41 PM
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Re: Stocks rebound fitfully after selloff
Stand down from red alert.
Anonymous Coward
User ID: 202615
United States
02/28/2007 07:51 PM
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Re: Stocks rebound fitfully after selloff
There are 2 ways to interpret today's action:

1) No follow-thru on the downside means this is a temporary correction. Look for DOW 14K soon.

2) A weak bounce after sharp declines portends further downside action.

What say you?
Anonymous Coward
User ID: 19003
Australia
02/28/2007 10:56 PM
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Re: Stocks rebound fitfully after selloff
cant believe how stupid people are.

never give money to shysters For Fuck Sake.

ya just dont fucking learn.
Anonymous Coward
User ID: 162461
United States
02/28/2007 11:47 PM
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Re: Stocks rebound fitfully after selloff
I didnt understand the concerns over China anyway. Sure an 8% drop in one day sounds high, but there market increased ~130% in the last year and over 300% over the last 2. 8% is nothing to worry about.





GLP