Tuesday October 28, 2008
Navivest

Stocks put in a phenomenal day today, with the Dow, Nasdaq and S&P 500 surging 10.88%, 9.53% and 10.79% respectively. This is the second biggest point gain day on record. To put it in perspective, we saw percentage gains in one day that Wall Street would be satisfied with on an annual basis. The Dow rose 889.35points, the Nasdaq, 143.57 points and the S&P 500, 91.59 points.

This was despite the fact that we got the Consumer Confidence report for October that showed a dismal consumer confidence reading of 38, a full 14 points below the forecast of 52.

The Federal Reserve is meeting today and tomorrow and on Wednesday afternoon, will announce their latest interest rate decision. Wall Street is expecting that we will get a rate cut and that probably played into the big rally that we got today.

The rally was as broad-based as they come, with just about every industry group seeing strength. Every stock in the Dow Jones Industrial Average, was up and only 6 stocks in the S&P 500 were down.

Some of the biggest point gainers in the Dow that helped propel the index to an 889 point gain, include Exxon (XOM) $74.86 +8.77, Walmart (WMT) $55.17 +5.50, United Technologies (UTX) $51.29 +6.11, IBM (IBM) $87.28 +7.62, Boeing (BA) $48.91 +6.55 and Chevron (CVX) $70.02 +8.31.

The biggest percentage gainer was badly beaten down Alcoa (AA), which climbed $1.74, for a 19.25% gain on the day. In addition to Alcoa (AA), there were 20 other stocks that climbed over 10% on the day.

Tags: Stock Market  Stocks  Stocks Rally