Brokers Gone Wild: Market Closes Up
The Dow gained 401.35 points Thursday but had volatile swings through most of the day. Investors, The Wall Street Journal reports, are still trying to figure out what stage of suck the economy is in.
The Dow gained 401.35 points Thursday but had volatile swings through most of the day. Investors, The Wall Street Journal reports, are still trying to figure out what stage of suck the economy is in.
WAIT, BEFORE YOU GO…Wall Street Journal:
“Everyone is starting to change their [trading] models to figure out what stage of the recession we’re in,” said Anthony Conroy, head trader at BNY ConvergEx, a New York brokerage. “All the nervousness is breeding a lot of volatility. I’ve never seen swings like this,” including occasional triple-digit moves in the Dow in the course of a few minutes.
In the last 90 minutes of trade, the Dow soared nearly 480 points. Traders said the move was driven largely by an influx of buyers attracted by what they see as bargain-level stock prices after an historic slide in the market. But it remains unclear whether the market’s recent decline has been put to rest for good.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Conservative ideology generally is incapable of handling problems like this. Trump is proving why.
The economic pain caused by the coronavirus becomes more painfully clear.
Because our banks aren't nationalized, its inability to work with Congress has resulted in another botched attempt at crisis management.
A combination of pension plans, Social Security and personal savings once carried our retirees through their golden years. Not anymore.
The S&P 500 has plunged 12% from the all-time high it set just a week ago, putting the index in what markets watchers call a “correction.”
The viral outbreak is threatening to crimp worldwide economic growth and hurt profits and revenue for a wide range of businesses.
There are currently no responses to this article.
Be the first to respond.