Thursday, October 16, 2008

Comment: Beware the swinging stock market

Monday's record climb in the US stock market might have seemed like good news to some that things were starting to turn around for equities.

However, as we saw Wednesday and so far early today, the market is still very volatile.

In fact, the four highest percentage gains for a day in the history of the Dow Jones Industrial Average came during the darkest days of the Great Depression.

Highest Daily Percentage Gains

1933-03-15 -- +15.34
1931-10-06 -- +14.87
1929-10-30 -- +12.34
1932-09-21 -- +11.36

Three of the four highest daily percentage losses also came during the Great Depression.

So generally until things stabilize for a goodly period, it will be difficult to say when the current bottom has been reached.

NYU economics professor Nouriel Roubini discuses what Americans can expect to see over the next few months due to the financial crisis on the Charlie Rose show.

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