Stocks advance in volatile session
Posted: Thu Feb 09, 2012 9:26 amStocks advance in volatile session
« Thread Started on Dec 3, 2008, 8:33pm »
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Stocks advance in volatile session
Posted: 04:33 PM ET
By Alexandra Twin
CNNMoney.com
NEW YORK (CNNMoney.com) — Stocks rallied Wednesday, finding momentum at the end of a volatile session in which investors considered a rash of weak economic reports but opted to scoop up select stocks anyway.
The Dow Jones industrial average gained 172 points, a bit over 2 percent. The Standard & Poor’s 500 index rose 2.6 percent and the Nasdaq composite gained 2.9 percent.
A rash of poor economic news sent stocks lower in the morning, but the selling petered out by midday. Stocks remained volatile in the afternoon, turning higher in the last hour.
Around 2 p.m. ET, the Federal Reserve released its periodic “beige book” survey of the economy. The survey showed that economic conditions have deteriorated in all 12 of the Fed’s districts. However, the report was expected to show weakness, and stocks turned higher shortly after its release.
“We’re not expecting good news on the economy and we haven’t been getting any,” said Bill Flaig, chief investment officer at Arrow Funds. “The reports keep coming in a little weaker than expected, but not dramatically.”
« Thread Started on Dec 3, 2008, 8:33pm »
--------------------------------------------------------------------------------
Stocks advance in volatile session
Posted: 04:33 PM ET
By Alexandra Twin
CNNMoney.com
NEW YORK (CNNMoney.com) — Stocks rallied Wednesday, finding momentum at the end of a volatile session in which investors considered a rash of weak economic reports but opted to scoop up select stocks anyway.
The Dow Jones industrial average gained 172 points, a bit over 2 percent. The Standard & Poor’s 500 index rose 2.6 percent and the Nasdaq composite gained 2.9 percent.
A rash of poor economic news sent stocks lower in the morning, but the selling petered out by midday. Stocks remained volatile in the afternoon, turning higher in the last hour.
Around 2 p.m. ET, the Federal Reserve released its periodic “beige book” survey of the economy. The survey showed that economic conditions have deteriorated in all 12 of the Fed’s districts. However, the report was expected to show weakness, and stocks turned higher shortly after its release.
“We’re not expecting good news on the economy and we haven’t been getting any,” said Bill Flaig, chief investment officer at Arrow Funds. “The reports keep coming in a little weaker than expected, but not dramatically.”