Stocks edged higher to cap a turbulent November. But after a month when markets were whipsawed by the presidential election and worries about the "fiscal cliff," shares ended not far from where they started. All told, the Dow dropped 0.5% in November.
The Dow Jones Industrial Average covered 819 points from its high to low points during the month, the biggest such peak-to-trough range for any month since June. The Dow also saw the return of big daily moves. It rose or fell each day by an average of 0.7%, the most since June.
"We had a huge downdraft and then we had a massive upsurge and then ended the month kind of flat," said Jack Ablin, chief investment officer of BMO Private Bank, which oversees $65 billion. "It's emblematic of this hurry-up-and-wait mentality that is enveloping investors these days."
No comments:
Post a Comment