All Things Digital

Skip to main content.

SEARCH
Voices

Voices

The Voices Feed

from other Web sites

Everybody Gets Back in the Boat: Nasdaq Jumps 6.5 Percent

November 13, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Well, I for one never know what to make of a day like this one, with the market jumping back and forth over the flat line before staging one of those crazy end of the day runs that have become so much a part of the current market pattern. The Nasdaq Composite finished at the high for the day, up 97.49, or 6.5 percent, to 1596.70, and 168 points above the day’s low. The other major indexes had similar gains, with the Dow up 552 points, or 6.7 percent, to 8835, or 900 points above the low for the day, after briefly dropping below the 8000 level.

It sure is tempting to think that we’ve set a sustainable bottom; but what it really feels like is yet another unsustainable bear market rally. I will note that it seems encouraging that investors opted to more or less ignore the bearish earnings news yesterday from Intel (INTC), Best Buy (BBY), National Semi (NSM) and others, and focus instead on hunting for bargains. But I would also note that, as Bernstein Research pointed out earlier today, earnings estimates for many tech company are likely still too high, and due for further cuts in the weeks and months ahead.

Read the rest of this post

Tagged: Voices, frontpage, , , , , , , , | permalink
« Previous Post
Next Post »

Featured Voices Posts

Featured Video

View All Jobs | Post a Job Job Listings

A sponsored service from SimplyHired

Voices Posts by Date

About Voices

This is a section of the All Things Digital Web site featuring posts from around the Web, from other Dow Jones properties and also original pieces we solicit. The section is now explicitly labeled that it comes "from other Web sites."

We are fully aware of the controversies around how linking and aggregating is done on the Web and we, in no way, are attempting to "scrape" original content created by others. Instead, regarding third-party posts, we are trying to point readers of this site to other posts from around the Web that we admire and are trying to do so in the quickest manner possible.

The Internet is full of terrific content that is not ours and we want to help our readers find it by making editorial suggestions--Look, Mom, no algorithm!--of posts we think are worth their time.

That is why we have made even more changes to Voices to ensure we do this in the most transparent and timely way. While we don't expect that everyone will agree with our policies, we have made changes that reflect our intent in pointing to content outside our site.

So here is exactly what we do: Read more »

About the Site

Because the site is wholly owned by Dow Jones, publisher of The Wall Street Journal, we aim to adhere to the journalistic standards of the best of the mainstream media. But, because it is run autonomously as a small online startup, we aim to exhibit the fresh thinking and nimbleness of the best of the new media. We want to be first, and sassy, but also well sourced and accurate. We will offer lots of opinion and analysis, but plenty of fact as well.

Read more »