"Brighter mood in market sends Dow up 889; Bargain hunters pounce amid signs of credit thaw" by Robert Weisman, Globe Staff | October 29, 2008
Propelled by a feverish end-of-session rally, stocks rebounded dramatically yesterday, pushing the benchmark Dow Jones industrial average up nearly 900 points in its second-largest point gain ever and extending a white-knuckled season of market volatility.
The leap came on a day when the closely watched consumer confidence index plunged to a record low. Investors attributed the market bounce to factors as diverse as anticipation of another Federal Reserve interest rate cut, evidence of thawing in global credit markets, the strengthening of the dollar, and settlement of a long-running strike at aircraft maker Boeing Co.
But the good news was offset by the barometer of consumer attitudes, which showed mounting anxiety as retailers prepare for the holiday shopping season.
Notice there is always a BUT, readers?!
"This is a bear market rally," warned economist Donald Klepper-Smith, research director at DataCore partners in New Haven, Conn. "This market was very sold off, and it was due for a bounce. It's ironic that you can get a 900-point stock market rally on the same day that you have the lowest consumer confidence number ever." --more--"