The bears took the reins right out of the gate this morning, but it was the bulls who proved victorious by the closing bell. In early trading, the major market indexes sank to fresh 52-week lows, as lingering concerns about the fiscal fate of Greece set a skeptical tone. Furthermore, both Goldman Sachs and Standard & Poor's dropped the "R" word, calling the euro zone vulnerable to a recession next year. On the home front, meanwhile, Federal Reserve Chairman Ben Bernanke waxed pessimistic on the job market, but vowed that the Fed is "prepared to take further action as appropriate to promote a stronger economic recovery." What's more, even Apple Inc.'s (AAPL) newest iPhone failed to impress the Street, with the shares of the tech titan spending the afternoon in the red. Nevertheless, the bulls showed their resilience, as a last-minute surge of bargain-hunting helped the Dow Jones Industrial Average (DJIA) turn a triple-digit deficit into a triple-digit gain by the close.
The Dow Jones Industrial Average (DJIA – 10,808.71) fell to a new annual low of 10,404.49 in early trading, but reversed course to end with a gain of 153.4 points, or 1.4%. Only four of the Dow's 30 components remained in the red, led by Merck (MRK) and Kraft Foods (KFT), which each gave up 0.7%. On the other hand, JPMorgan Chase (JPM) paced the advancing equities, tacking on 6.6% after performing an about-face in late-day trading.
Likewise, the S&P 500 Index (SPX – 1,123.95) tagged an annual nadir of 1,047.77, but bounced back to add 24.7 points, or 2.3%, by the close. Finally, the Nasdaq Composite (COMP – 2,404.82) fell to a new 52-week low of 2,298.89 out of the gate, but reversed course to settle with a gain of 69 points, or 3%.
HAPPY TRADING & GOODLUCK
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