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The First Tradable Rally In Three Weeks

Friday, 10 Oct 2008 | 4:04 PM ET

This is the first time the Dow has traded in a 1,000 point range, ever. Exciting enough for you? Look what happened today.

First half hour:

Dow down 621, rallies 688

10-2 PM ET:

drops 650 points

2-3 PM ET::

gyrates in 300 point range

3-3:45 ET:

Rallies 770 points

3:45-4:00 ET:

Drops 330 points

Ends down 100 points. What happened? This was the first tradable rally in 3 weeks. There was no 3 o'clock selloff! Go home long or flat on a Friday? Who heard of such insanity? Many traders decided it was safe to do so.

Helping:

1) Hoping for joint statement from G7: expected tonight.

2) Lehman credit-swap sellers posted collateral, no firms fail, according to the International Swaps and Derivatives Association

For the week: dow down 17, s&p down 18 percent, NASDAQ down 15 percent.

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New from CNBC.com:

- The Dow 30 at a Glance

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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