Whiplash anyone? another wild day! clo
Dow Closes More Than 400 Points Higher in Wild Finish
Stocks ended the day sharply higher on Tuesday afternoon in a wild finish after
the Federal Reserve announced that it would hold short-term interest rates near
zero but included no new steps to foster economic growth.
The major indexes had been buoyant before the Fed announcement, then plunged in
the immediate aftermath. But in the final hour of trading they surged back, with
the Dow Jones industrials ending up more than 400 points and the broader
Standard & Poor’s 500-stock index rising nearly 5 percent.
The gains largely offset — though not entirely — the deep losses on Monday, the
first trading day after Standard & Poor’s downgraded its rating of the United
States government’s long-term debt.
Read More:
http://www.nytimes.com/2011/08/10/business/global/daily-stock-market-activity.html?emc=na
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