Bargain Hunters Shop For Stocks
October 22, 2007 – 1:34 pmIf you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
When the stock market has been down for a few days, bargain hunters tend to come out in droves, looking for cheap entry points for their favorite stocks. That appears to be the case so far today. But it may not be enough to keep momentum going for long.
But the market appeared optimistic about Apple Inc.’s earnings, which were scheduled to be released after the closing bell. That sent tech stocks higher, and by early afternoon, the rest of the market was tagging along.
Disappointing earnings and Standard & Poor’s downgrade of another series of mortgage-backed securities sent stocks plunging Friday, taking the Dow Jones industrials down 366 points.
Over the weekend, the world’s economic leaders not only said that smoothing the turbulent global financial markets will require vigilance, but they also warned of inflation risks — which puts central banks like the U.S. Federal Reserve in a tight spot. The Fed lowered interest rates on Sept. 18 to make borrowing cheaper amid a growing credit market crisis, and Wall Street hopes policy makers reduce rates again when they meet next week.
Plenty of news coming out this week will affect sentiment.
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