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Wall Street comeback Tuesday morning

|Aug 9|magazine6 min read

 

After the DOW dropped more than 600 points Monday afternoon, Wall Street staged a comeback Tuesday morning with the markets rallying more than 2 percent as traders capitalized on falling stock prices while watching for the Federal Reserve’s monetary policy statement. This morning the Dow Jones Industrial Average jumped 210 points to 11,025. The S&P 500 climbed 29.8 points, or 2.7 percent to 1,149 and the NASDAQ Composite jumped 79.5 points, or 3.4 percent, to 2,437. The FOX 50 rose 19.4 points, or 2.4 percent, to 834.

According to Fox Business, financials that took the biggest fall were some of the biggest gainers Tuesday morning. “In particular, large banks like Bank of America (BAC: 7.00, +0.50, +7.60%), Citigroup (C: 30.44, +2.49, +8.91%) and JPMorgan Chase (JPM: 35.21, +1.15, +3.38%) were sharply higher.  The energy, materials and industrial sectors all posted better than 2% gains in morning trading as well.

“Big-name technology companies like Apple (AAPL: 367.61, +14.40, +4.08%), Google (GOOG: 564.20, +18.18, +3.33%) and Ebay (EBAY: 28.74, +1.79, +6.64%) sent the technology-heavy Nasdaq zipping close to 3%.” 

Wall Street was quite the sight yesterday and is recovering the massive selloff that shaved almost $200 billion in market value. The S&P 500 index closed in the red and volatility surged 50 percent as Wall Street had its first chance to react to Standard & Poor’s downgrade of American debt, according to Fox Business. Currently, traders are waiting to see if the central bank plans on taking action to ease the turbulent market.

Gold continues to be a major player in today’s investment market and jumped $30.00, or 1.8 percent, to $1,743 a troy ounce.