Big Day on Wall Street!
November 14th, 2007By: Stephen Bishop Jr.
Yesterday was a tremendous day on Wall Street! The Dow Jones industrial average bounced back Tuesday with a 319 point gain. The gain was the second-best of the year, and served as a huge momentum builder considering last week’s troubles. The Standard & Poor’s index jumped almost 42 points and the NASDAQ composite index rose 89 points.
Twenty-six of the Dow’s thirty components showed signs of momentum today. Surprisingly, Wal-Mart, the world’s largest retailer, reported great earnings from the third-quarter. This could have been the main factor contributing to the today’s comeback.
Also, oil prices fell $3.45. In return, the industries that depend upon fuel costs, such as commercial airlines and railroad companies, saw an increase today. This comes as a major relief. Lately, oil prices have been settling at record-highs discouraging travel both on the road and in the air.
Banks are attempting to settle as well. Goldman Sachs announced that they are not expecting to suffer due to the conditions of the sub-prime market. Goldman Sachs’ stock rose nearly 8% today. Bank of America and CitiGroup joined Goldman Sachs as those with increasing shares. This comes as outstanding news considering both have recently made billions of dollars in write-downs due to loan losses.
Although the market may have been overdue for a good day, it is good to see a bounce back nonetheless.
