Tuesday, November 25, 2008

US stocks rise for third straight day

Stocks in New York were modestly higher today on news of new government bailout money for the economy. The Dow again traded near 8600 today and ended at 8479 while the S&P closed at 857. Most Asian markets were higher, but India sagged towards the close and the Nifty was down over 2% to 2654 while the Sensex finished at 8695. This is the second day that markets in Mumbai failed to hold onto significant gains.

Wednesday is shaping up negatively both in India and in North America. The Nifty may even retest 2525 at some point in the next couple of days. The US is likely finished its winning streak and may probe below 8200 Wednesday.