On 29 August 2008, Wall Street is looking at another day of rally following the day before which gain was triggered by reassurances of better than expected durable goods data. The market direction for this trading session was being set at the released of Gross Domestic Product or GDP. The released had then set investors into a buying spree in the stock markets. The GDP rose at 3.3 percent over April to June 2008 which is a better than expected result as opposed to the prediction and estimation by the government of 1.9 percent.
Jobless claims had also been said to have reduced which adds on to the positive sentiment of the market.
During the time of this post, the Dow Jones Industrial Average Index, DJI is deep into the green at 179.29 or 1.56 percent. On the broad market, Standard and Poor 500, (S & P 500) up 13.17, over 1 percent while Nasdaq, is up by 21.53 or 0.9 percent.
If the good news continues, Wall Street should be well on its route to recovery and back to ‘bull market’. However, investors should take note that a near term technical pullback could happened in days to come after such enormous buying and accumulation.
All above mentioned is of personal opinion and not at all an inducement to trade.