Late-Session Rally Reverses Stock Losses
(NEW YORK) — The markets staged a late-session comeback Wednesday, heading off what could have been one of the worst days in months.
After falling off by almost 200 points earlier in the day, the Dow saw a late-session rally to 12,500 by the closing bell. The index lost just seven points for the day. The Nasdaq and S&P both posted gains Wednesday, closing up 13 points and two points, respectively.
New worries about Europe’s shaky financial situation had the markets in negative territory for most of the day. Investors are skeptical of whether European leaders can prevent a messy exit from the euro by Greece.
Meanwhile, Hewlett-Packard’s made it official — its earnings were up, but its workforce is going down. The company plans to cut 27,000 jobs by the end of fiscal year 2014. The major cuts come as part of a restructuring initiative to simplify workflow and save money for the company.
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