The stock market fluctuated wildly again this morning, just as it did Thursday, when the Dow Jones Industrial Average moved 816 points from its morning trough and staged a late-afternoon rally to close up 401.35 points.
The BizTimes Stock Index recovered 2.23 points from its all-time low to close at 97.63 Thursday, and local stocks also bounced around in this morning's volatile session. The largest local gainers this morning were Badger Meter Inc. (up $1.70 to $24.70) and Joy Global Inc. (up $1.49 to $26.29). The largest local decliners this morning were Snap-on Inc. (down $1.61 to $38.28) and Johnson Controls Inc. (down $1.14 to $18.70).
Meanwhile, billionaire investor Warren Buffett is buying U.S. stocks. In an opinion column in The New York Times, Buffet wrote, "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful."
Buffett acknowledged the mess on Wall Street, the rising unemployment and the slowdown in business activity.
"What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up," wrote the founder of the Berkshire Hathaway Inc. investment empire. "So if you wait for the robins, spring will be over."
Buffet, known as the "Oracle of Omaha" and the "Billionaire Next Door," is one of Democratic presidential nominee Barack Obama's top economic advisors.
President George W. Bush told the U.S. Chamber of Commerce in Washington, D.C., today that the nation's economic recovery will take time.
"The federal government has responded to this crisis with systematic and aggressive measures to protect the financial security of the American people. People look at this crisis and say, oh, it's only Wall Street. I don't think so. As a matter of fact, I know that if we had not acted it could affect the American people directly," Bush said. "The actions will take more time to have their full impact. It took a while for the credit system to freeze up; it's going to take a while for the credit system to thaw. These are decisive measures aimed at the heart of our financial challenges. And they're big enough and bold enough to work. And the American people can be confident that they will."
Roller coaster market isn't spooking Buffet
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