Dow Jones Open 10/28/08 - Stock Market Update

This morning, 10/28/08, the Dow Jones Industrial Average ( DJIA ) opened just north of 8300 and has extended its gains toward 8500. This happened after last nights Asian Market surge lifting the futures markets up. The Dow Jones is currently at 8442 up 266

General Motors ( GM ) is up 9% to $5.95 and ExxonMobile ( XOM ) is up nearly 5% to $69.50. These two stocks are big Dow Jones components.

Keep in mind, we have a Fed Meeting today and I expect them to cut by a half of a point.

WOW....as I am writing, consumer confidence is 38.0 in October compared to 61.4 in September. This number has hit the stock market slightly but it appears we are going back up. That is one ugly number! Healthsouth ( HLS ) appears to be the biggest gainer and the hottest stock today after the company came out and reaffirmed earnings guidance.

I will continue to watch the QQQQ to see if it can break $30.25 today....this would be very bullish for the Nasdaq.

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