Wall St ends higher after volatile session; Dow 298 pts

Bears dominated the morning but by the end of Wednesday’s trading day the Bulls were in the Dow to a nearly 300-point gain. Tech stocks also added 24 points to the Nasdaq a real reversal of fortune considering that the Nasdaq opened today’s session down about 65-points following a disappointing outlook from Apple. Shares of that company lost 10.6% a value on the day after the ipod makers disappointing outlook showed that even a company like Apple isn’t immune to broader economic pressure.

Google shares also closed the day down more than 6% but we did get a positive boost to shares of eBay shares after the news came out that eBay company CEO, Meg Whitman will be retiring and will be replaced by current president of eBay market places John Donahoe and he will be stepping into the role at end of March and the shares gained nearly 7% on that news.

Financial stocks digested that 75 bps cut to interest rate cut that we saw on Tuesday. Banks rallied even though mortgage insurer MGIC Investment reported losses of USD 500 million more than was expected on Wednesday. That news would have bought down financial shares in different market place but not today.

JP Morgan Chase & Bear Stearns both gained about 12% in trading.