Wall Street Ends Higher After Bad October

Associated Press

Transcript

the stock market has closed out a horrendous October its worse month than 21 years with a big Advance as more investors took chances on stocks turned into Bargains by waves of intense selling through October 30th uh we were down 18.2% in the month of October which was the third worst October since 1929 if this had been a full year in which we were down 35% it would have been the third worst year since 1929 uh and it was the ninth worst of all months since 1929 the Dow Jones Industrials end of the month down 14.1% the broader S&P 500 lost 16.9% during October the market fell victim to investors anguish over Frozen credit markets and what looked like an inevitable recession well I think that this Market has been stretched like a rubber band uh to the point where investors were anticipating that the Next Great Depression was around the corner uh and that we were going to be replicating the great crash of 1929 and I think basically because we got third quarter GDP data that came in a little bit better than expected we got personal income uh data that was a little better than expected uh and we also saw uh and heard that JP Morgan was willing to repic some mortgages about $110 billion doll worth that those provided positive Catalyst at least uh for this past week Friday's session gave the market its first back-to-back advances in more than a month the D finished up 144 points to 9325 the S&P 500 finished up 15 points at 969 the NASDAQ Composite finished with a

U.S. Economy Declines in Third Quarter

VOA News

Transcript

the US economy experienced its sharpest contraction in 7 years in the third quarter gross domestic product fell by 3/10 of 1% and there was more bad news as fears about the financial crisis and continuing job losses triggered a drop in consumer spending during the same period the first drop in about two decades business investment also declined the White House downplayed the news about the GDP Edward lazir is chief White House Economist so there's no question that these numbers tell us that the economy has weakened and uh weakened substantially uh we knew that uh it wasn't unexpected uh in fact the numbers came out slightly above expectations but again I think the general picture is that the economy has slowed Wall Street economists had predicted worse a0 5% drop in GDP in New York the Dow Jones Industrial Average closed almost 200 points higher but analysts say stock markets are likely to remain volatile as the country makes its way through tough Economic Times earlier this week the Federal Reserve Bank cut interest rates for the second time in a month in a bid to stimulate the economy in the meantime many retailers and consumer oriented businesses are braced for what could be further bad news in November and December the traditional holiday season that's when they have the biggest chance of offsetting their losses from the rest of the year Robert Rafel vaa news