936 points up

| 13 October 2008 16:15

I knew today was going to be a fantastic day for equities given what we saw in Asia overnight and in Europe. But, 936 points up for the Dow is pretty spectacular. As bad as this past Thursday was for the market in general and financial shares in particular, this day was good.

Financials led gains with Morgan Stanley up 87% on the day due to an investment by Japanese financial giant Mitsubishi UFJ. Twenty-nine of the thirty Dow components were up on the day. In total, 480 of the 500 members of the S&P 500 saw gains on the day.

The only downside for the day was the number of financials in the losers column. GE, a stealth financial was the only Dow component down on the day. And regional banks like M&T Bank, Zions, Huntington Bancshares, Sovereign Bancorp, and Regions Financial were all losers.

Source
S&P 500 Index Members – Bloomberg

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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