ASX 0.08% $64.50 asx limited

reason of dowjones late rally last night

  1. 92 Posts.
    I've heard this on bloomberg tv this morning, but this is some info I've found on the net.

    Source : http://www.bloomberg.com/apps/news?pid=20601087&sid=awZX8UhZquSE&refer=home

    The Dow average erased a 79-point drop in the U.S. yesterday spurred by concern mortgage losses are spreading after Bear Stearns Cos. suspended withdrawals from a hedge fund. The Standard & Poor's 500 Index climbed after falling below its 200- day moving average for the first time in a year.

    Some traders said the late rally may have been triggered by an erroneous order to sell futures in the S&P 500 that later needed to be undone. ``We've heard the rumor that there was a fat finger trade on the S&P futures market last night,'' said Simon Carter, who helps oversee $3 billion as head of North American equities at Aegon Asset Management in Edinburgh.

    National Benchmarks

    Jeremy Hughes, a spokesman for the Chicago Mercantile Exchange in London, declined to comment. A person who answered a call to the Chicago office, where the futures trade, wouldn't comment or identify himself.
 
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