Tuesday, August 09, 2011

Morose Monday ... Turnaround Tuesday?

Morose Monday's stock market dropped into triple digits within seconds of opening and plunged to close down 635 points by closing, a reflection of Friday night's financial downgrade from AAA to AA+ by Standard & Poor.

A Monday afternoon press conference from President Barack Obama, perhaps meant to ease nerves and settle the markets, made it worse. The Dow, down 400 points when the President began to speak, began falling even more as he talked. It never regained and closed below 600.

So is today Turnaround Tuesday? Wall Street opened with a bit of a rollercoaster and then rose into positive ground, rallying and recovering by mid-morning with the Dow trading up in the 200-point range. An opportunity for some bargain hunting, investors appear to be taking advantage of a Wall Street Fire Sale.

Fox Business notes that traders are watching for the Federal Reserve's monetary policy statement later today. Many are probably holding their breath waiting to see what today will bring....

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