Everybody Gets Back in the Boat: Nasdaq Jumps 6.5 Percent

Well, I for one never know what to make of a day like this one, with the market jumping back and forth over the flat line before staging one of those crazy end of the day runs that have become so much a part of the current market pattern. The Nasdaq Composite finished at the high for the day, up 97.49, or 6.5 percent, to 1596.70, and 168 points above the day’s low. The other major indexes had similar gains, with the Dow up 552 points, or 6.7 percent, to 8835, or 900 points above the low for the day, after briefly dropping below the 8000 level.

It sure is tempting to think that we’ve set a sustainable bottom; but what it really feels like is yet another unsustainable bear market rally. I will note that it seems encouraging that investors opted to more or less ignore the bearish earnings news yesterday from Intel (INTC), Best Buy (BBY), National Semi (NSM) and others, and focus instead on hunting for bargains. But I would also note that, as Bernstein Research pointed out earlier today, earnings estimates for many tech company are likely still too high, and due for further cuts in the weeks and months ahead.

Read the rest of this post


Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »