Remember Fools, we're long-term investors. So don't overreact to the big market moves we've been having the last few days. Check this area for updates and new Foolish articles.
4:45pm EST -- Market Close
Hey Fools. The U.S. markets rallied late today with all major indices gaining back much of the ground lost yesterday. The Dow Jones Industrial Average surged 337.17 points to close at 7,498.32, the S&P 500 gained 44.87 to close at 921.85, and the Nasdaq added 65.25 to close at 1600.34. Should Fools really be concerned about these numbers. Nope. Not really, because we're long-term investors and these market moves don't mean much to us. To learn more about the causes behind the Southeast Asian market decline, read our What Happened? collection complete with great timelines and graphs.
3:20pm EST - US Market Update
Good afternoon Fools. We know long-term investors shouldn't pay much attention to market moves, but we figured you Fools wanted to know the scoop on today's market activity. The U.S. markets rallied this afternoon. At 3:20pm EST the Dow Jones Industrial Average surged 347.97 points to 7509.22. The S&P 500 advanced 46.09 points to 923.07 and the Nasdaq rose 65.24 points to 1600.34. Be sure to read Randy Befumo's Fool Plate Special about the events leading up to the Asian market crisis.
1:50pm EST - US Market Update
For the latest complete coverage of the market, click into the Fool's Lunchtime News -- for not just the news, but for analysis and education. A Foolish investor is armed with knowledge, which makes market declines not so mysterious, but an accepted part of investing in a world where economies are unpredictable and ever-changing. Who would have predicted that after the 7% drop yesterday in US Markets and steep declines throughout world markets overnight, that the US market would rebound sharply today? Nobody. No Wise man.
At 1:50 pm EST the US market is still working on a rebound, with the S&P and Nasdaq both up over 1.60%. What will happen for the rest of the day, or on tomorrow? A much better question is: what will happen five or ten years from now? The stocks of leading companies will appreciate as deserved, over the long term. Your best bet right now, if you're panicked, is to head to the Fool's School.
Check back for more Foolish thoughts on the market as we move forward. Also, the Lunchtime News is posted by 12:30 EST, and the Evening News will be posted by 6:30 EST. As well, the Fool will offer a special on the Asian Markets and currencies late this afternoon.
12:30pm EST - US Market Update
At 12:30 EST, the U.S. markets have righted themselves. The Nasdaq shows a 26 point gain (1.7%), while the S&P 500 has chipped in 14 points (1.6%). As you'd expect, participation in the short-term recovery is very broad, with advancers leading decliners by a ratio of better than 5-to-1.
The Foolish approach of blithe indifference in the midst of Wall Street's hysterical short-term shenanigans continues to pay dividends, as all Fool Portfolios are back again beating the market. Continue to tune in to Folly throughout the rest of this volatile day, for updates.
-- David Gardner
(Remember that market updates are always available throughout this day and every other day via our Market Watch feature.)
10:35am EST - US Market Update
The U.S. stock market opened down significantly this morning. About 30 minutes into the day, the Nasdaq was off 56 points (a decline of 3.7%). The S&P 500 was faring better, off only 18 points, or 2.1%. But in the second half hour, the market rocketed back upward as the S&P 500 was suddenly showing a small gain, with the Nasdaq off 1%.
You'll notice that none of the portfolios in our Hall of Portfolios had any trades yesterday or today, as Fools tend to just ride these waves out on the same board we brought to the beach with us. Stay Foolish out there.
-- David Gardner
10:00am EST - US Market Update
The U.S. stock market opened down significantly this morning. About 30 minutes into the day, the Nasdaq is the big loser, off 56 points (a decline of 3.7%). The S&P 500 was faring better, off only 18 points, or 2.1%. The Dow industrials and Foolish Four stocks are proving the most resilient, off fractionally in the face of $4-plus drops in many of the technology darlings (Microsoft, Intel, Dell).
Trying to get a market update, I had the devil of a time even just logging into the Schwab site. It's times like these that remind a Fool why he's a Fool in the first place. Traders, we're not!
7:20am EST - World Market Update
As was expected by many going into the evening last night, world market indices fell hard, following Wall Street's decline of just over 7%. The comedy here (if there is anything amusing about this, which we tend to doubt), is that every market is saying that they are following someone else. The Chief Executive of Hong Kong said in a statement last night that he thought the Hang Seng was just following Wall Street. All European markets are said to be following Asia this morning. When Wall Street opens lower, they'll say that we're following Europe and Asia. Clearly this is irrational when nobody knows exactly why they're selling other than to say "WELL THEY ARE!!! WE HAVE TO AS WELL!"
The S&P 500 December Futures are locked limit-down at 859. "Locked limit-down" means that the trading on the futures has been stopped because the contract has fallen as much as they will allow it to fall.
"For a given futures contract, the maximum price change from the previous day's settlement price permitted during a trading session. These limits are sometimes adjusted in fast-moving markets."
Unless traders on Wall Street have an overwhelming amount of will power, chances are very good that the market here will open significantly lower. What happens after the initial sell-off will set the tone for much of the action around the world tonight and tomorrow.