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December 2, 2008 3:37:45 AM CST

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Dow Up 401 After Seesaw Day

Posted Oct 16, 08 3:23 PM CDT in Business 

(Newser) – Stocks rallied late in today’s volatile session, but stopped short of recovering yesterday’s sharp losses, rollercoastering through an 800-point range, MarketWatch reports. Crude oil futures fell $4.69, to about half of their record high in July, on a report that showed US inventories increasing. The Dow rose 401.35 to 8,979.26. The Nasdaq gained 89.38, closing at 1,717.71, and the S&P 500 climbed 38.59 to 946.43.

Philadelphia-area manufacturing activity fell, but economic data yielded some bright spots: Core consumer inflation (which excludes energy and food) held steady in September, and initial jobless claims fell last week. Interbank lending rates also eased, indicating that credit is loosening: The three-month US dollar Libor fell to 4.502% from yesterday’s 4.55%, and the overnight rate fell to 1.937% from 2.143%.

Source MarketWatch

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Traders work on the floor of the New York Stock Exchange today, when the Dow seesawed through an 800-point range.   (AP Photo)
A traders leans on a phone post on the floor of the New York Stock Exchange today.   (AP Photo)
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Everyone is starting to change their [trading] models to figure out what stage of the recession we're in. All the nervousness is breeding a lot of volatility. I've never seen swings like this. - Anthony Conroy, head trader
at BNY ConvergEx

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Financial Crisis • Dow Jones • credit crisis • S&P 500 • Nasdaq • credit market • oil prices • core inflation • Libor


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