BOUNCE!
Wednesday started off like so many trading days have recently–down. After the opening bell, the Dow spent most of the morning trending down, going almost to the 11,600 mark. Finally, around one o’clock, the trend reversed and the buyers brought the Dow out of its dive. By the end of the day, the turnaround was nothing short of remarkable. Down almost 300 points, the index rallied 600 points to close at 12,270.
Financials made out very well at the end of the day. Bear Stearns gained just over $9 per share, to end up almost 12%. Capital One released its earnings report, and although profits were down 42%, the company’s shares surged ahead over 11%. The quarter was not a good one for the company, but management has acted conservatively to lessen the impact of the credit crisis, and hopes are that the credit card company can sail through the crisis without hitting too many rocks.
Tech stocks were among some of the worst hit after the bell, with Apple down more than $25 in the morning. This coming after losing more than $25 yesterday after the earnings came out. Though the company still took a big hit today, it did manage to shave $10 off the loss to finish down $16, or 10%
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