SmallCapVoice.com, Inc., a recognized corporate consulting firm known for its ability to help emerging growth companies build a following among retail and institutional investors, provides the following market commentary and small cap stock highlights:
Stocks Are Rebounding Following Yesterday’s Selloff
Stocks rebounded Thursday from the previous session's massive rout, but safe assets such as gold and Treasury bills still saw heavy demand as investors braced for more instability in the financial system.
The big fear on Wall Street is that there are more significant financial companies to fall. Speculation is swirling about the futures of such major players as thrift bank Washington Mutual Inc. and investment bank Morgan Stanley.
In morning trading, the Dow Jones industrial average rose 137.68, or 1.30 percent, to 10,747.34.
Broader stock indicators also rose. The Standard & Poor's 500 index rose 20.20, or 1.75 percent, to 1,176.59, and the Nasdaq composite index rose 33.36, or 1.59 percent, to 2,132.21.
In early trading Thursday, the prices for short-duration Treasurys dipped from Wednesday's levels. But the yield on the 3-month T-bill was still extremely low at 0.12 percent -- up from 0.2 percent late Wednesday, but well below its yield of 1.60 percent just a week ago.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.44 percent in early Thursday trading from 3.42 percent late Wednesday.
Gold, another safe haven, rose further on Thursday, after posting their largest one-day price jump ever on Wednesday.
Oil is not considered as safe as gold but it, too, has been drawing investors who deem it safer than stocks. Light, sweet crude on the New York Mercantile Exchange rose $1.01 to $98.17 a barrel, after jumping more than $6 a barrel Wednesday.
The dollar fell against most other major currencies.
Wednesday’s Top Performing SmallCapVoice.com stocks:
Gold prices exploded Wednesday -- posting the biggest one-day gain ever in dollar terms -- as fears of more credit market turmoil unnerved investors and triggered a flood of safe-haven buying.
Gold for December delivery rose as much as $90.40, or 11.6 percent, to $870.90 an ounce in after-hours trading on the New York Mercantile Exchange after jumping $70 to settle at $850.50 in the regular session. That was the biggest one-day price jump ever; gold's previous single-day record was a $64 gain on Jan. 29, 1980. In percentage terms, it was gold's largest one-day advance since 1999.
Today’s SmallCapVoice.com Hot Stock to Watch:
Nova Mobility Systems (OTC BB: OCTI) is today’s hot stock to watch.
Nova Mobility Systems today announced the launch of a revolutionary line of industrial UMPC devices equaling notebook functionality, the SideArm2 (SA2) series, the first of which, an industrial grade device (the SA2I) will be made available to the global market by November 2008.
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