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July 25, 2008 9:45:19 PM CDT

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Markets Roar Back After Slide

Posted Jan 23, 08 3:34 PM CST in Business 

(Newser) – Stocks roared back today after their initial slide, with the Dow ending up nearly 300  points as markets closed after plunging more than 300 points when they opened. Still, recession fears are far from banished. "The broader issues that are troubling this market are going to be with us," a broker told the Wall Street Journal. The Dow ended up 298.98 to 12,270.17, the Nasdaq up 24.82 to 2,317.09, and the S&P up 28.10 to 1,338.60.

But big tech firms suffered a number of heavy losses, the Journal notes. Meanwhile, some analysts think that investors have been doubting the Fed's ability to head off a recession, even after yesterday's aggressive rate cut. "They're too late. I think we're already in a recession," says one manager.

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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Stock market traders negotiate at the New York Stock Exchange.   (Getty Images (by Event) Individuals)
Participants listen to the opening speech of United States Secretary of State Condoleezza Rice on a giant screen at the start of the opening session of the World Economic Forum in Davos, Switzerland,...   (Associated Press)
The main trading floor of the New York Stock Exchange is is seen in this photo made by zooming the lens during exposure. (AP Photo/Richard Drew)   (Associated Press)
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