Wall Street Opens Higher on Tuesday Followed by Immediate Declines

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Wall Street
September 2008 New York NY; New York Stock Exchange with Wall street sign in front

Wall Street opened higher on Tuesday after a major selloff of biotech and raw material stocks on Monday. The Dow Jones Industrial opened up 29.23 points on the day before falling 32.89 points, down 0.21% in early morning trading.

The S&P 500 is down 2.42 points or .13%, while the NASDAQ is down 15.2 points or .33% after an initial early morning increase of 11 points. Early morning trading had the S&P 500 up 4.11 points before the current drop.

Commodity prices were the main reason for an initial increase in stock prices.

Oil traded 1.5% higher at $45 a barrel with the brent trading near $48 a barrel. Copper also rose in early morning trading by half a percent.

European stocks opened much lower on the day before rebounding. Asian markets continued to struggle on Tuesday. Major losses were seen in the Chinese markets, with a loss of 2% on the day. Japan’s Nikkei stock index also closed lower today, down 4.05%.

The S&P 500 also had its year-end forecast lowered by Goldman Sachs by 5% with a year-end forecast of 2,000.

China’s struggling economy and the fall in oil prices and precious metals are having a negative effect on markets across the world.

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