Markets Swing; Nasdaq Suffers

Blue chips lead modest rises
By Sam Gale Rosen,  Newser Staff
Posted Jan 7, 2008 3:54 PM CST
Traders look at their screens as they work on the floor of the New York Stock Exchange Monday, Jan. 7, 2008. Wall Street rebounded Monday amid speculation that the Federal Reserve will continue its campaign...   (Associated Press)
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(Newser) – The markets seesawed towards small increases, as the Dow saw its first gains of 2008 after fluctuating in a 150-point range, MarketWatch reports. The Nasdaq continued last week’s streak of losses, falling 5.19 to 2,499.46. The Dow ended up 27.31 at 12,827.49, and the S&P 500 inched up 4.55 to 1,416.18.

Blue chips stimulated the Dow’s modest gains as analysts recommended buying into companies least influenced by the housing slowdown, but those affected saw continued losses: Alcoa fell nearly 6%. Traders drove the seesaw fluctuations as they attempted to cherry-pick stocks likely to see prompt rebounds: "It's a question of who  will be able to take advantage of things whenever we get more reassurance about the economy” said one.