Here's what the AP said about today's move:
Wednesday's jump was also the biggest one-day percentage gain for the Dow since April 2, 2003. The broader Standard & Poor's 500 index climbed 40.79, or 2.86 percent, to 1,469.02, logging its best two-day point gain since April 19, 2001. The Nasdaq composite index shot up 82.11, or 3.18 percent, to 2,662.91, giving the technology-dominated index its largest two-day point gain since March 4, 2002.
Asian markets are following through, up 1-3% tonight. The dollar strengthened, the yen rose to "only" 110 while the Euro slipped slightly to 1.48+. Dollar's strength probably follows the strong market. Oil fell to around 90, jut a couple weeks ago it was pushing 100. Of course, this remains a high price for our economy to digest.
The market is now overbought, short term buyers who made money will sell to lock in profits. In addition, short sellers may have bought stock back to cover their short sales. Such purchases will not last. This is how volatility works. Stand by for more big swings in the rest of this week.
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