Okay, so we may not be in financial armageddon after all.
After a scary, depressing Monday on Wall Street, things seemed to pick up as the Dow Jones gained some points this morning. Maybe Obama was right and we’ll survive this big scare with no problem. Or not.
“We’re still in a place of extreme fear and emotional trading,” said Ron Florance, managing director of investing strategy and asset allocation for Wells Fargo Private Bank. “We’re not even close to where fundamentals and valuations are driving market performance.”
Okay. Well, there’s that. But the fact that the country avoided another dip is a good sign. However, the world economy is still struggling with Asian markets trying to recover from the US credit rating change. The most important tale is the Federal Reserve’s public statement that will come later today. It’ll let the country know how much we should all be scared of the stock market’s current state.
Two trillion bucks were lost yesterday, so we’re glad there has been some improvement. Stay tuned because we’re far from out of the dark.