September 12, 2008
Up and down trading dominated the day but at the end, the indices remained more or less where they closed on Thursday. While the DJIA lost -.14 percent, the NASDAQ rose .14 percent and the S&P500 added .20 percent.
The market rarely posts such small changes. Since 2000, the S&P500 closed only 297 times in the zero to plus .25 percent range. The NASDAQ had 180 in the same period. Moreover, there are only 70 days like today, with both indices changing by this small amount.
Today is only the third time this year that the DJIA declined while the NASDAQ and S&P500 posted their third straight positive close. Indeed, there are only 39 days, since 1971 and 12 days in this century when this combination occurred. The graph below shows these days as vertical lines on the S&P500 time line. Almost all are near current or future price declines.
As for the week, all three indices moved up for the first time in four weeks. Even with this uptick, the DJIA remains below its Friday close five weeks ago. The other two indices are even further behind, not yet reaching their level of July 18, eight weeks ago.
DJIA -.10 percent
NASDAQÂ… .14 percent
S&P500 .20 percent
This entry was posted on Saturday, September 13th, 2008 at 12 122008000000Sat, 13 Sep 2008 12:48:14 +0000 and is filed under Market Report. You can follow any responses to this entry through the RSS 2.0 feed.
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