USMarketView

October 10, 2008

Finally, the NASDAQ closed higher, its first up day in October. Yet it managed no more than a plus .27 percent on a late afternoon rally that overcame losses near minus seven percent. But the DJIA and the S&P500, which joined the surge, failed to hold their gains, declining more than a full percent.

As a result, the S&P500 set a new downside 21st century record, falling eight days in a row for the first time since 1996. In the 1950 – 1999 period, however, 21 such strings occurred, with 11 continuing for at least one further day.

The DJIA history is similar, although it shows only 17 closes with eight successive negative closes, the last of which took place in September 2001. As for the day following, ten were positive while nine continued to fall for the ninth day in a row.

DJIA -1.49 percent

NASDAQ… .27 percent

S&P500 -1.18 percent

This entry was posted on Saturday, October 11th, 2008 at 12 112008000000Sat, 11 Oct 2008 11:49:39 +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.