Stock, Wall Street Up
I think a huge sigh went out over all of Wall Street and the financial world with the gains posted today. The Dow Jones Index, NASDAQ and S&P 500 all showed gains of over 1% with the NASDAQ almost 2% up. After more of a sell-off on Monday following the correction of February 27, doom and gloom was casting a pall over the street.
Personally I saw 2 of my own personal stock holdings jump back and give life back to my portfolio. Goldman Sachs (GS) was up 3.88% (197.37) after dropping to 190 just a couple trading days prior. I am still down overall on the stock, but i cannot pass up its P/E of under 10. Last Friday after a sell-off I built more of a position and by Monday afternoon I began to have some second thoughts.
My other poor performing stock is the New York Stock Exchange (NYX). It has figuratively killed me since I bought it. A couple weeks back I had faith after it had another big drop so I built a position in by doubling up. The end of yesterday I was down almost 16% on a cost basis–not good. Therefore, today’s skyrocket of over 7% was a welcomed sight. Wednesday and the several days following will be telling as 24.6 million shares of former seat holders become active. I am crossing my fingers even though I do believe that the company is financially solid.
Hopefully the volatility will wane so we can return to a more stable stock market.
Written by Nagel on March 7th, 2007 with
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