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Credit Crisis Update: Dow’s Wild Ride Convinces Some We’ve Seen the Bottom
Panicked international investors fled the markets as a steep sell-off circled the globe today (Friday), but a late-afternoon rally helped the U.S. market pare the bulk of declines.
“A lot of institutions are deciding to come back into the market,” Michael Nasto, the senior trader at U.S. Global Investors Inc., told Bloomberg News. “We’ve been beaten down so much. Some people feel this is the bottom.”
After plunging below 8,000 earlier in the day, the Dow Jones Industrial Average reversed course. At the New York close, the blue-chip Dow posted a reduced loss of 128.00 points (-1.49%), to close at 8,451.19. The tech-laden…
13Oct2008 | Money Morning | Comments Off | Continued
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