|
Wall Street Rebounds From Sharp Losses |
|
Financial Times
March 11, 2011
By Telis Demos
For the week, the Dow was down 1 per cent, and the S&P 500 fell 1.3 per cent. Losses were led by energy stocks, which fell 4 per cent as oil prices eased.
Analysts said the market had been at a tipping point in the past week, with each of the major indices falling below their 50-day moving averages at one point.
“We’ve had three weeks in consolidation, as the market was coiling to do something, spurred by geopolitical risks,” said Bernard McDevitt, director of trading at Cheevers & Company. “That is looking like it will resolve itself to the downside.”
Read More
|
