The Dow Jones industrial average soared more than 600 points Wednesday, its biggest gain in seven years.
China is once again the prime reason for the action. The People’s Bank of China finally did the expected and cut interest rates in Beijing’s latest move to try and put the brakes on its own market meltdown.
The Dow Jones Industrial Average plunged more than 1,000 points when the markets opened Monday morning.
Stocks are pushing further into record territory as the Dow Jones industrial average tops 18,000 points for the first time.
U.S. stocks tumbled across indexes Wednesday as fears of a global economic slowdown intensified, with the Dow Jones industrial average in its fourth day of consecutive losses – plunging more than 400 points.
Several Bay Area stocks were among those losing ground Thursday. Apple Inc. was down more than $6 on the day, while Google stock was off more than $10 and Chevron slid some 2.5 percent.
Relentlessly gloomy reports about the health of the world economy rocked Wall Street on Thursday, with San Ramon-based Chevron among the Dow’s leading decliners.
Hewlett-Packard Co. is showing signs of recovery as it strengthened its position as the world’s largest maker of personal computers and gained back some of the business it had lost while weighing whether to dump its PC division.