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The market was able to stage a late day rally which erased some of its earlier losses, but still ended the day in the red, with all 3 major indexes closing down on the day.September is typically not a good month for the market, but even with today's losses this September was positive, as more and more investors have started to believe the economy is coming out of its recession.
The DOW closed the day down 0.31%, falling 29.92 points to 9,712.28. Earlier in the session the index was much lower, falling as low as 9,608.59 earlier in the day. On the month, the DOW gained a bit over 2%.
What was more impressive was the gains the DOW made during the third quarter. For the July -- September quarter the DOW managed to gain a nice 14.9%. This was the best third quarter for the market since 1998.
Trading tomorrow to start the new quarter should prove to be a busy day as the market receives fresh reports on personal income, spending, home sales, and initial jobless claims.
The markets have definitely been staging a rebound over the past several months. Since hitting lows in March, the DOW has gained around 50%, the S&P has picked up 56%, and the Nasdaq was gained a very impressive 68%.
Whether or not the market is able to continue to rise into the fourth quarter remains to be seen, tomorrow will give us a better idea of just how strong the economy really is doing.
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