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Written by Value Seeker
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Wednesday, 28 November 2007 |
Major indexes up by about 3% due to Fed comments implying a rate cut as well as oil and gold going lower.
A lot of short covering helped bolster stocks as well. Stocks have been on a significant rally since the Thanksgiving holiday.
Financial stocks led the way today due to hopes of an imminent rate cut at the Fed's next meeting on December 11. Wall street commentators speculated that a lot of today's boost was a result of people covering their short positions in stocks, as well as institutional investors having a lot of cash on the sidelines ready to invest, implying that the market as a whole may have been oversold.
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