Investors did have two things to cheer about this week.
The Dow and the S&P 500, wer up 4.8% and 4.6% for the week, respectively. Both markets enjoyed their best weekly performances since March 2003.
The Nasdaq was up 3.8% gain on the week to have its best since the week of August 4th.
All three market indexes had their first weekly gains after five weeks of losses.
The Dow finished above its Oct. 10 close of 8,451. This showed the market’s ability to bounce back from last week, and put it above the level it reached on Monday. It maintained gains what it made on Monday even as many investors were taking profits (see Wednesday's slide). This may help reduce fear and add confidence to the markets for weeks to come, and confidence is what the markets need.
There are some who are saying that the Dow's Oct. 10 close will prove to be the bottom for the market. I don't want to go that far, but we may be past the worst of the sell-offs.