MN Stocks Continue on Wall Street Rollercoaster
The rollercoaster ride continues. After the market saw gains on Tuesday, Wednesday brought more bad news. But Thursday morning trading showed some signs of another rebound.
The Federal Reserve on Tuesday suggested that the economy will remain weak for two more years-and as a result, it expects to keep its key interest rate near zero through mid-2013.
The Fed's announcement led to a wild day on Wall Street, with stocks plunging on Tuesday right after the news was released, but then climbing shortly after. The Dow Jones industrial average slid more than 176 points before recovering and closing up 429 points on Tuesday.
That came one day after the Dow fell 635 points, or 5.55 percent, on Monday, marking the biggest loss since the height of the recession in 2008.
Tuesday's gains diminished quickly while the market resumed its downward trajectory on Wednesday, as investors seemed to pay closer attention to the Fed's grim economic assessment. The Dow Jones industrial average ended down 520 points, or 4.6 percent.
Wayzata-based Northern Oil & Gas, Inc., was among the major losers on Monday, when its shares tumbled 27 percent. But the company regained its value and then some on Tuesday, when its stock jumped 40 percent-making it the biggest gainer among Minnesota stocks, according to a report by iStockAnalyst. The jump followed news of strong second-quarter results. The company's stock closed down about 3.8 percent on Wednesday-when many other Minnesota companies saw their stock prices drop significantly.
Minnesota companies hit hard on Wednesday included Communications Systems, Inc., Piper Jaffray Companies, and TCF Financial Corporation, among many others.
A mid-morning Thursday report by the Associated Press indicated that the Dow was up 283 points, or 2.6 percent, following news that the number of people filing for unemployment for the first time dipped below 400,000 last week. It's reportedly the first time that's happened in four months.
Among Minnesota-based companies, UnitedHealthGroup, Inc., Target Corporation, and Best Buy Company, Inc., were showing some of the largest gains during mid-morning trading Thursday. Nationally, it appeared that stocks were up across the board.