A sense of gloom still hangs over the economy, but there was cause for celebration Monday. Home sales are up for the first time in months, the dollar has regained some ground against the euro, and Wall Street had a triple-digit day. So why aren’t investors smiling?
New York Times:
The whirlwind period of volatility in the markets has left some on Wall Street with a bad case of whiplash.
“It’s like a barbell on a fulcrum,” said Brian Gendreau, a strategist at ING Investment Management. “Any little piece of information one way or the other can tip the market either way quite easily.”
The tape tells a violent tale: a week ago, the Dow gained 420 points, its best daily advance in five years. It promptly plummeted 293 points, only to gain back 260 points a day later.