Richie: Briefing.com's summary of an eventful day.
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"Close Dow -125.12 at 9349.56, Nasdaq -3.43 at 2317.32, S&P -5.11 at 1234.40: How to describe today's events?... Let me count the ways... First, Brazil imposes a de-facto devaluation of its currency and its central bank president resigns... Second, European bourses get knocked sharply lower in response... Third, S&P futures was lock-limit down before the open... Fourth, Brazil's Bovespa drops 10% just minutes after it starts to trade... Fifth, U.S. stock market drops like a rock with the Dow, Nasdaq, and S&P losing 260, 115, and 32 points respectively in the first half hour of trading... Sixth, bond market rallies with the long-bond gaining two points in a flight-to-quality trade... Seventh, U.S. stock market stages a dramatic reversal with the Nasdaq turning a 115-point loss into a 32-point gain, paced by a rebound in the Internet stocks and a strong showing from the disk drive and chip makers... Dow and S&P followed suit with both cutting their losses by a considerable margin... Eighth, bond sees its gain pared significantly as the stock market rallies back... Ninth, sellers return to the action with an hour and a half to go, erasing the Nasdaq's 32-point gain while thwarting the Dow and S&P's rebound effort as well... The list continues, but in the interest of time and space, we'll simply cut it off here by saying the market ended the day mixed in one of the more volatile sessions seen in some time... However, despite the weak finish to the day, one had to be struck by the market's resiliency and investors' willingness to step up and buy today's dip... Notable outperformers included the drug, chip, disk drive, retail, and phone stocks... Leading the declines were the financial, paper, Internet, and oil-related shares... Brokerage stocks comprised the worst performing S&P industry group today."
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