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Stocks jumped in the last minutes today, trading up after continued credit market concerns drove prices down most of the session. Like the rest of the week, trading was characterized by heavy volume and high volatility.
By four, all S&P sectors were up and the Dow had a triple-digit gain. It closed up 113.47 or .86% to 13325.46. The Nasdaq was down 10.61 or .42% to 2535.66; and the S&P 500 traded up 5.14 or .35% to 1460.41. The Pharmaceutical company Merck traded up 1.41% with news that British can’t sue them for health problems caused by Vioxx.
Expect more of the same credit induced vicissitudes.
Market intelligence everyday at FT Alphaville.
Posted by Dave Chappelle , Aug 01, 2007 7:00PM
Rumor is a "fat finger" drove the rally. Apparently some stooge was supposed to sell 54 DJIA contracts but actually sold 54k so he had to cover into the close...
Market is so skttish that his buying started the race for the exit...
Posted by , Aug 02, 2007 8:01AM
story the Fed will cut just as spooz moved up thru the 200dma and options traders had to hedge short gamma fueled the rally, please.