Wild Day on Wall Street
The roller coaster metaphor for describing stock market activity has become, considering everything we have gone through over the last month, a cliche. So we will dispense with the roller coaster -- goodbye roller coaster! -- and describe today's market activity as a bungee cord jump from a very high bridge. Boing. Boing.
At one point today, the Dow was down 782 points -- the largest ever single-day point drop. But then it started to creep back. Down 650. Down 600. Down 500. Down 400. Finally, the Dow closed down 349 points, or 3.6 percent. The S&P 500 finished down 42 points, or 3.8 percent. The Nasdaq was off 84 points, or 4.3 percent.
What's behind the wild activity? For the most part, it's anyone's guess right now. But at some point, investors start seeing certain stocks as bargains, buying them up when the going gets really cheap.
As the markets closed, comments heard around the financial desk here at the Post included, "Hey, it came back" to "Nice rally." And that's with a 300 point decline. What a day.
-- Michael S. Rosenwald
Please email us to report offensive comments.
Posted by: JD in PA | October 6, 2008 4:22 PM
Posted by: Kane | October 7, 2008 8:10 AM
The comments to this entry are closed.