Forex | Forex | Down Day Muted by Late Rally (01/07/2009 05:42:22)

Down Day Muted by Late Rally

The indices started out with a steep sell-off particularly after the economic news came out weaker than expected. The Nasdaq 100 (NDX) and S&P 500 (SPX) dropped precipitously in the first hour, bounced and then made lower lows for the rest of the day until about 2 hours to go, when they held support and reversed in a snapback that reached 1480 and 920 on the NDX and NDX respectively. They then pulled back in the last 10 minutes to pare the rally. Net on the day, the Dow closed down 82.38


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