everything is better,

Discussion in 'Trading' started by S2007S, Feb 28, 2007.

  1. S2007S


    was that 'dip a buying opportunity?

    U.S. may claw back a portion of Tuesday's losses
    Stock futures gain after biggest one-day loss since 2001
    PrintE-mailDisable live quotesRSSDigg itDel.icio.usBy Steve Goldstein, MarketWatch
    Last Update: 7:20 AM ET Feb 28, 2007

    LONDON (MarketWatch) -- U.S. stocks were poised to claw back a portion of Tuesday's massive losses, buoyed by a partial recovery in Shanghai.
    S&P 500 futures on Wednesday rose 8.4 points at 1,403.70 and Nasdaq 100 futures climbed 9.75 points to 1,760.25. Dow industrial futures rose 50 points, though that's well off highs of the morning of 129 points.
    U.S. stock markets suffered its worst one-day plunge since 2001 on Tuesday, with a sell-off of Chinese stocks blamed for igniting broader concerns about a range of items, from a surprisingly strong stock market rise in early 2007, difficulties in the subprime mortgage market, a lackluster U.S. manufacturing sector, growing tensions between Iran and the West, and an assassination attempt on Vice President Dick Cheney in Afghanistan.
    The Dow industrials fell 415 points, the Nasdaq Composite lost 96 points and the S&P 500 dropped 30 points. The VIX, a gauge of market volatility, spiked 64%, hurting many who had bet on low volatility.
    Bears won't have China to blame on Wednesday, at least, with the Shanghai Composite rallying 3.9% on reports the Chinese government won't tax stock-market gains. Other markets in Asia, notably the Nikkei 225 in Tokyo, weren't as strong, with the main Japanese index dropping 2.9% and the Hang Seng losing 2.5% in Hong Kong.
    Stocks in Europe also were down sharply on Wednesday, though off the morning's lows. The FTSE 100 fell 1.2% in London, and the Dow Jones Euro Stoxx 50 volatility index jumped 35%.
    There's a host of economic data due out, including an expected downward revision to fourth-quarter GDP, which is due out at 8:30 a.m. Eastern. Economists polled by MarketWatch expect GDP to be revised down to 2% from 3.5%.
    The Chicago purchasing manager index for February, and January new-home sales figures also will be released.
    Federal Reserve Chairman Ben Bernanke is due to speak to the House about long-term fiscal challenges; two weeks ago, he told the Senate it was a big problem but he wouldn't tell Congress how it should act.
    The U.S. dollar was down about 0.3% against both the euro and the yen.
    Gold futures dropped sharply, down $10.30 to $676.90 an ounce. Oil futures, before the release of weekly inventory data at 10:30 a.m. Eastern, fell 69 cents to $60.77 a barrel.
    Of companies in focus, Home Depot (HD : Home Depot, Inc
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