Posted By RichC on October 13, 2008
The traders on Wall Street had a busy day today as they put a few dollars back to work after the huge selling last week. The record day was the biggest single day more for the stock market in history, or at least since the Great Depression. The Dow Jones Industrials (3 day chart above) move up 936-point gain and gave investors and many worried politicians a breather after 8 consecutive down days.
While it will not be a big surprise to see some of the gains given back over the next few weeks, it may offer a signal that some are seeing stocks as over sold. The big move came as the leading banks look to be getting together in Washington DC at the request of the Bush administration in order to get loans moving again. The Europeans are already making move to pump $2 trillion on the line to protect their banks.
As I post this on Monday night, the markets in Asia are up on Wall Streets rebound, although I’d hang on for an uncertain ride.