Dow Jones Close 10/28/08 - Stock Market Closing Prices and Stock Rally

Stock Market Closing Prices - 10/28/08

Dow Jones Industrial Average ( DJIA ) Close - 9066 Up 890
Nasdaq Stock Market Close - 1650 Up 144
S&P 500 Close - 940 Up 91

Libor Rates - 10/28/08

1 Month - 3.17%
3 Month - 3.47%

Commodities Closing Prices - 10/28/08

Gold - 749
Oil - 64.40
Natural Gas - 6.25

The Dow Jones Industrial Average closed at 9066 on 10/28/08, as investors bought stocks following the buying that took place in the Asian stock markets overnight in the Nikkei and the Hang Seng. The Stock Market Futures were up slightly this morning and the Dow was up 220 at the open at one point today. From about 10am to 11am the stock markets gave back all their gains. From 11am on it was all up hill with the Dow Jones up 465 points by 3:00pm and 600 points by 3:30pm est. I've been waiting for the QQQQ to break $30.25 for a few days and it finally happened this afternoon. Breaking $30.25 is very important because we are finally seeing higher highs and not lower highs. This is what technical traders want to see in order to get bullish. It also means you are breaking a trend and potentially a bottom could be forming for the Nasdaq. When $30.25 was broken, stocks exploded to the upside this afternoon. This is good for stocks like RIMM, AAPL, GOOG, AMZN, MSFT. Jim Cramer also had some bullish comments during the trading session today. Stock exploded higher into the close because of a lack of selling vs a lot of buying. Looks like a short squeeze to me but we will have to see what tomorrow brings.

Dow Jones ( DJIA ) Technical Analysis

The Dow Jones is closing up over that resistance area of 8700 and 9000 so look for a retest of 9200 tomorrow, that will be key! Keep in mind, the Jobs number comes out November 7th and its going to be ugly. I will be selling any strength I get up until that meeting.

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