October 23, 2008
Wall Street turned higher in erratic trading Thursday as investors, while still nervous about growing signs of a weakening economy, picked up bargains from stocks that were beaten down a two-day selloff.
- A d v e r t i s e m e n t
There was clearly little conviction behind any buying; investors were attracted to stocks that were pummeled in two days of selling that sliced nearly 750 points off the Dow Jones industrial average. There is a growing belief on the Street that the economy is either in a recession or headed for one despite government relief efforts and gradual improvements in world credit markets.
“Its people coming in that see tremendous value, but for a more sustainable advance I think we need more time,” said Steven Goldman, chief market strategist at Weeden & Co. in Greenwich, Conn.
Wall Street digested a rush of corporate news. Goldman Sachs Group Inc. is preparing to cut about 10 percent of its work force, according to a person briefed on the plan who requested anonymity because the company hadn’t publicly disclosed details of the plan.
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