Despite the fact that all of the major indices did not end the session at Thursday’s high, investors clearly put aside their prior day’s economic concerns in order to hunt for bargains. In the process, they pushed the Dow up by 46 points to 8,331, the Nasdaq by 25 points to 1,689 and the S&P 500 by 9 points to 893.
Advancers led decliners by 3-1 on the NYSE, and by 8-3 on the Nasdaq. And both financials and technology stocks were leaders. Semiconductors showed particular strength after the Federal Trade Commission revealed that antitrust cases against Rambus had been dismissed. Rambus gained 14% to 12.39.
Investors are asking whether today’s action was a dead-cat bounce or whether the market is heading toward some good set-ups in individual stocks. Thus far, the bulls remain in control, but it pays to be ever vigilant.
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