Tuesday, December 11, 2018

The Market's Roller Coaster

Yesterday was an object lesson in why it's never too wise to follow every single up and down of the market. Shortly after the opening bell, the Dow Jones Industrial Average plummeted more than 500 points, after British Prime Minister Theresa May announced that the Parliamentary vote on Brexit was being delayed, admitting that it would fail if the vote were held on schedule.

That started what looked like a rout. At their lowest points, the S&P had shed 50 points and the Nasdaq was down 81 points. But in the end, the Dow rose 34 points, the S&P gained 4 points, and the Nasdaq rose 51 points.

There was a similar story in tech. Shares of Apple initially fell after a Chinese court granted Qualcomm an injunction against the iPhone maker, but by the end of the day, the stock erased a more than 2 percent pullback to close 0.65 percent higher. Facebook shares rose 3.2 percent while Amazon, Netflix and Alphabet all rose more than 0.6 percent.

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