The market rallied early, and a continued accomodative stance from the Fed seemed like good news.
And then 3pm came and by then, it was too late. A reversal had been staged. The NASDAQ went from being up 18 points to down 2.6 points, closing at 2054.
The financial sector and parts of the energy sector comprised most of the bigger losses on the S&P 500. Tech remained relatively unscathed. The Dow closed up at 9799 and the S&P 500 essentially broke even, down 0.22 to close at 1045.
Today was thus a win for the bears. Yesterday’s mixed market was a win for the bulls, because things were looking ugly. Today was the opposite, because it looked like stocks were going to explode.
Gold also had a great day, closing up 2 points at 1098. December futures for gold almost graced the magical 1100 mark, shattering yesterday’s previous record of 1985. Oil passed the $80 a barrel mark, closing at 80.26, up 1.8% – the highest since October 23rd.
Vonage (VG) is at the breaking point due to lost customers and problems with convertible debt, taking a 25% hit on its stock today to close at 1.32. BJ Services (BJS), an oil and gas equipment company, took a 5.1% dive to close at 18.82.