Dow Jones Plummets, Then Skyrockets

The Dow Jones (DJI) has, again, had another day of ups and downs on the market closing 401.35 points higher to close at 8,979.26 – with the S&P500 (GSPC) finishing 38.59 points higher to close around 920.33. 23 of the 30 Dow Components finished higher for the day, but the entire Index traded within an 800 point range of lows, then highs.

The Dow Jones opened weaker and fell during the first few hours of trading, before regarding some serious strength and rising sharply to close significantly higher. The market was predominately pushed lower on open, because the Federal Reserve Bank of Philadelphia reporting that the regions manufacturing sector had seriously declined for October, and production output was reducing. In addition, the regions manufacturing sector also expected absolutely no growth over the next six months.

Of note, Gold (GOLD) fell $34.50, or 4.1%, to finish at $804.50 – tethering on the edge of the $800 USD ‘physcological barrier’ point. Oil (USO) also fell, dropping below $70 a barrel for the time in more than a year, which significantly spurred afternoon trading. This also assisted the USD Currency, which gained against most other currencies.