Wall Street Bounces Back Full Force

Aug 11 2011           Jump To Discussion

NEW YORK – Wall Street jumped from a bear market on Wednesday into a fully charged bull market, showing positive gains across the board.

At closing the Dow Jones reported a 4 percent gain and shot 423.37 points higher while the S&P-500 materialized a 4.6 percent gain and Nasdaq experienced a 4.7 percent profit.

Investors are still cautious and called the market still volatile but said that better than expected results were enough to make people smile.

Cisco Systems, the network giant, experienced an impressive 16 percent gain. A spokesperson for the company had stated on Wednesday that the company had materialized a 3 percent sales increase in its first quarter, which was higher than analysts had predicted.

Even News Corp., the media conglomerate owned by Rupert Murdoch, which has been under fire over the past few weeks for allegedly “spying” on individuals in the UK, saw a 19 percent gain.

An analyst said that “investors are taking on everything to proof that the US economy isn’t into another recession”.

Retail was much better than expected as well with Kohl’s warehouse stores being a big winner at an 8 percent increase.

But analysts warn that the sudden bullish market doesn’t mean Wall Street is back on solid ground.

“It’s like bungy jumping. We jumped off a small bridge and have bounced back, but we continue to dip up and down,” said one analyst.

 

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