Market Commentary 9/22/2008
The Markets
Following two weeks of unprecedented change, Wall Street continued to recover Friday on news that the government plans to assist banks and money market funds. The Dow collectively gained about 780 points Thursday and Friday but still closed the week down 0.27 percent to 11,388.44. The S&P added 0.30 percent to end the week at 1,255.08, and the NASDAQ climbed 0.56 percent to finish the week at 2,273.90.
Source: Morningstar.com. * Past performance is no guarantee of future results. Indexes are unmanaged and cannot be invested into directly. Three and five-year returns are annualized. The S&P, excluding “1 Week” returns, is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax.
On Hold - On Tuesday, Sept. 16, the Federal Reserve voted unanimously to leave short-term interest rates unchanged at 2 percent, despite the Dow dropping 504 points the day before. Read more…