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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