Dow + 298
S&P + 28
Nasdaq +24
News that the State of New York Insurers Association was in discussions to bail out major bond insurers, sent the market sharply higher in the last hour of trading. The downgrade of Ambac by Fitch last Friday is one of the main reasons we sold off hard on Tuesday across the globe.
As I said earlier, we were severely oversold, and some sort of good news was needed to turn the direction of the market. This news did the trick. Now, we need to see a follow thru rally tomorrow to at least start to close the chapter in this worst January selloff ever.
We're not out of the woods yet...by any means...but this was a start.
EBay out with earnings after the bell. Right now, the stock is down about 8%.
More later.
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