Market Commentary 11/3/2008
The Markets
The Dow had its best week in 34 years last week, gaining 11.31 percent. On Tuesday, the Dow recorded its second highest daily gain on record, jumping 889 points in anticipation of the Federal Reserve rate cut. Wednesday the Fed came through with half a percentage point cut, lowering to 1 percent the rate that banks charge on overnight loans. The Dow ended the week at 9,325.01, and the S&P gained 10.53 percent to close the week at 968.75. The NASDAQ rose 10.88 percent to finish the week at 1,720.95.
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.
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