After gapping higher on the open over 350 points, the Dow Jones Industrial Average dramatically pared its gains, at one time up only 110 points. The Nasdaq, after opening up 40 points, or nearly 2%, retreated all the way back to negative territory.
The initial euphoria for equities seems to have given way to a more measured analysis of the implications of a federal government that shows no restraint from printing dollars. Many issues that opened higher sold off hard.
WM: Friday’s close: $4.27; today’s open: $5.10; intraday low: $3.51
ABK: Friday’s close: $8.52; today’s open: $10; intraday low: $8.56
UYG: Friday’s close: $21.93; today’s open: $25.00; intraday low: $22.00
URE: Friday’s close: $28.92; today’s open: $31.90; intraday low: $30.24
XHB: Friday’s close: $19.89; today’s open: $22.50; intraday low: $20.50
LEH: Friday’s close: $16.20; today’s open: $17.60; intraday low: $13.60
Trading in UAUA is halted after shares plunged 60% amid rumors that the airline was about to declare bankruptcy. CNBC reports that the rumors are false.
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