Barackalypse Now: Rise of the Bears
The US credit rating has recently dropped from an AAA to AA+ rating, leaving the investors and the world economy in a state of panic.Of course, as soon as they posted that video, the market bounced back, as Reuters reports.
With the rising of the bear market, how would president Barack Obama fight it off?
Wall Street roars back in wild trade after Fed meet
By Rodrigo Campos
NEW YORK | Tue Aug 9, 2011 7:04pm EDT
Stocks rallied on Tuesday in a volatile session as investors struggled to decipher the Fed's signals on the economy after a dizzying two-week slide.When I told you to "hang on tight, it will be a bumpy ride," I had no idea how high some of those bumps might be. Let's just hope yesterday isn't just the mother of all dead cat bounces.
Buying accelerated into the close and the S&P 500 posted its best day in more than two years, following a drop of nearly 17 percent over the past weeks.
The market reversed direction six times after a Fed statement that pledged two more years of near-zero interest rates.
The Dow Jones industrial average gained 429.92 points, or 3.98 percent, to end at 11,239.77. The Standard & Poor's 500 Index rose 53.07 points, or 4.74 percent, to 1,172.53. The Nasdaq Composite Index added 124.83 points, or 5.29 percent, to 2,482.52.