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Dow Rises 61 After Seesaw Day

S&P 500 and Nasdaq decline

By Evann Gastaldo,  Newser Staff

Posted Aug 5, 2011 9:10 AM CDT | Updated Aug 5, 2011 3:08 PM CDT

(Newser) – This would fall under the category of "volatile" trading day: The Dow rose 61 points to close at 11,445 after a series of wild fluctuations. This morning's better-than-expected jobs report led to an early surge—the Dow rose 170 points shortly after the opening bell, but the rally proved brief. Around noon, the Dow was down more than 200 points. And an hour later, it was up 115, thanks to news that Italy and the EU had agreed on economic reforms, reports MarketWatch.

“If there is one good thing out of this crisis it is these countries are finally learning the desperate need to liberalize their economies,” says an equity strategist. The other two major indexes actually finished in the red, however: The S&P 500 dropped 1 point to 1,199, and Nasdaq was down 24 to 2,532. Because of yesterday's plunge, the weekly numbers aren't pretty: The Dow is down 5.8%, S&P 500 7.2%, and Nasdaq 8.1%.

In this Aug. 4, 2011 photo, a trader works on the floor of the New York Stock Exchange.
In this Aug. 4, 2011 photo, a trader works on the floor of the New York Stock Exchange.   (AP Photo/Jin Lee)
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COMMENTS
Showing 3 of 9 comments
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Aug 6, 2011 3:18 AM CDT
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NationalSovereignty
Aug 5, 2011 3:13 PM CDT
Unemployment hasn't dropped, It's all the people pushed off unemployment and still haven't found a job. This is all psychological manipulation to make you think things will get better. Come down to reality please.
rbeier1221
Aug 5, 2011 1:51 PM CDT
I've always watched my wallet pretty closely and done what I can to put some away. I can't rely on the stock market or the unemployment rates to tell me what is happening in my own backyard. Right now our company is growing and added two new positions. Next year could be different for us, regardless of what the rest of the country is doing.

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