August 22, 2008
With all indices gaining more than one percent, the market step was the largest since August 5, when they spurted nearly three percent. It was the third straight positive close for the DJIA and the S&P500, while the NASDAQ has been fluctuating up and down since Tuesday.
It is only the 13th occasion for this pattern — +3/-2 for the DJIA and the S&P500, and +1/-1 for the NASDAQ– since January 2000. In the past, four of these came while prices were increasing; three were close to tops and four appeared during declines.
As for the next day, in the past when these 12 closes occurred, eight were positive for the NASDAQ, five for the DJIA, and only four for the S&P500.
It was a negative week for all three indices and the first such decline for the NASDAQ in five weeks.
DJIA 1.73 percent
NASDAQ 1.44 percent
S&P500 1.13 percent