What a magnificent display from the three benchmark US indices, closing at the highest levels of the day. From Tuesday low of 10,938 thereabouts, Dow breached through 11,400 and closed at 11,414.86. Dow registered a gain of 2.47%. Similarly, the S&P and Nasdaq closed at 1,198.62 and 2,548.94 registering a 2.86% and 3.04% respectively.
Dow registered a high of 11,613 on Aug 31st 2011 before plummeting to a low on Tuesday night. As mentioned in my post Aug 9th FOMC unfolded dated Aug 30th, I speculated that the Europe debt situation will be checking on the hopes and speculation of a Fed stimulus. Europe closed at a 2 year low on Tuesday wreaking havoc through global indices.
From a point near to capitulation early this week, what contributed to a turn of havoc in global markets on Wednesday were
· A ruling ...
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