Wild day on Wall Street, DOW now up +800

[Johnny2X2X]

Last edited Thu Oct 13, 2022, 01:29 PM - Edit history (2)

CPI came in slightly higher than expected 8.2 vs 8.1 expected. So the Fed is going to continue to raise rates. Started off down 500 points, then it's like they realized, "oh yeah, we already had that priced in" and now things are up almost 400 points.

Really crazy.

[hauckeye]

1. Better up than down!! 😂

[Tommy Carcetti]

2. This will forever be the stock market in my mind:

[Johnny2X2X]

4. So apt

I have an MBA with a finance focus, I know how to figure value of individual stocks and analyze some trends in the market. I have a couple finance guru friends send me their graphs even this morning. It's a fool's errand right now, it's all "squirrel!" all the time.

Really gives the impression that most of the people on Wall Street are clueless. Major economic news is driving prices more so than actual valuations are by a factor of like 10. There are bargains out there to be had, smart investment houses are finding them. It's bizarre to watch though.

[DenaliDemocrat]

8. Wall Street is now a Ponzi scheme

The fact that large hedge funds can manipulate the market in Pump and Dumps, prove its just bullshit for a solid 50% of it not founded in real values, etc. The Republicans force me to invest in the goddamned thing. I’d prefer a pension

[Johnny2X2X]

9. Pensions are a slave to the markets too

And just investing in the DOW has been a bonanza the last 13 years. If you put $100K in at the bottom of the Bush Great Recession, you now have $400K.

I'd prefer pensions, but not because returns are better, but they are more secure.

[Disaffected]

3. And it will continue so for a while yet.

Greed and fear are the major motivating factors now.

[empedocles]

5. At 11:53 29,755 up 537 points. Had been been higher minutes before, at 29,920 near the 30,000

mark.

Now if it will keep going mostly up for 4 more weeks . . .

[Tomconroy]

6. I like it when the market goes up. I don't like it when the market goes down.

[honest.abe]

7. What on earth sparked that bounce up??

[Johnny2X2X]

10. Just investors realizing they already priced in rate hikes

And inflation did fall, not rise. So there's that.

[lpbk2713]

11. That comes as a surprise.

At around 10 AM all I saw were doom and gloom stories.

[Johnny2X2X]

12. What a rally

Totally unexpected. Up over 1300 points from this morning's low.