The Dow bounced hard on the death on Friday as news broke that Ambac was about to be rescued.
Last night’s Philadelphia economic activity index was the worst reading since just before the 2001 recession.
The Dow closed up 90 points last night in a session dominated by the release of the January Fed minutes.
Wall Street gave up early gains last night as oil moved to close over US$100/bbl, bringing inflation more firmly into focus.
European markets posted some big gains overnight as Wall Street had a day off.
The Dow closed only slightly lower ahead of the Presidents’ Day long weekend, despite some disturbing economic data.
The Dow fell 175 points after three consecutive up-days following comments from Ben Bernanke.
A surprise positive result in January retail sales was the catalyst to send the Dow up 178 points last night.
The Dow rallied back from its depths of minus 113 despite some disturbing news from insurer AIG.
The Dow closed down 64 to end the worst week of trading since 2003.