April 2, 2008
Prices could not hold on their earlier gains, and although most of the day was positive, the indices dropped slightly. The NASDAQ gave up -.06 percent, the S&P500 -.19 percent and the DJIA, the biggest loser today was down -.36 percent.
Even if negative, these results compare favorably with the record since 2000 for the day following a large advance, as occurred on Tuesday. The S&P500, with 16 closes greater than yesterdays 3.6 percent, managed only six up days, but posted ten down closes. Moreover, the median loss of -1.64 percent is far greater than todays, which is in the 99th percentile.
This is true also for the DJIA; this average closed down on nine of the 16 days, since 2000, that followed an increase greater than 3.2 percent. Its median loss was -1.12 percent, more than three times larger than its loss today.
Only the NASDAQ had a greater number of positive returns on the day following increases of 3.7 percent. It had 57 positive closes, compared to 36 declines. Nevertheless, todays loss of a mere -.06 percent compares favorably with the median of -1.40 percent.
DJIA -.36 percent
NASDAQ -.06 percent
S&P500 -.19 percent
This entry was posted on Wednesday, April 2nd, 2008 at 12 042008000000Wed, 02 Apr 2008 16:17:00 +0000 and is filed under Market Report. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.