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Oct 28
2008
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October 28, 2008 Tuesday morning stocks roar higher out of the gate anticipating the Federal Reserve will cut interest rates at their two day meeting scheduled to begin today. Monday opened up with stock futures pointing downward but as the session moved on the Dow rebounded and climbed back several hundred points, then dropped again as the session drew to a close. The Dow fell 203.18, or 2.42 percent, to 8,175.77 after earlier rising by as many as 220 points. Even before the late-day selloff, it was an extremely volatile day for Wall Street — the Dow crossed between positive and negative territory around 60 times during the session. Today the Dow was up over almost 900 points at the end of the day on Tuesday. It's been a pretty crappy month for the stock markets so far — if the Dow finishes up the month at Monday's closing levels, it would be the worst month since September 1931. The DOW was down Monday 42.28 percent below its peak of 14,164.53, reached Oct. 9, 2007, and was at its lowest closing level since April 1, 2003 on Monday.
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