Stocks on the road to recovery
2008-05-13 15:49:14 (GMT) (Caymanmama.com - Business News)New York, New York (CaymanMama.com) — With the sale of huge stock shares on Monday, the stocks saw an upsurge amidst negative news about companies and their shares, as according to CNN. With this, the industrial average of Down Jones surged up with 1% and Standard and Poor 500 attained 1% along with NASDAQ that saw a rise of 1.8%. During the evening, Hewlett Packard is planning to purchase EDS while accepting previous reports that stated the computer company is worth $12 or $13 billion.
Due to the inflation in the price of gas and oil along with the news of AIG’s poor reviews, stocks saw a downfall last week. These concerns were visible on Monday but sell off made gave investors an opportunity. According to Ryan Detrick, Schaeffer’s Investment Research’s technical strategist, “You essentially had news late Friday and this morning that was negative, but people are ignoring it and playing the technical trade.”
It seems that investors have a better perspective of the economy in the wake of Federal Reserve’s cut in interest rates. Detrick added, “Earnings season is winding down and the bulls are relieved that it wasn’t worse and there’s a sense that the Fed [Federal Reserve] has done its job and that some of the economic news has shown improvement.”
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