Not-so-black Monday

So much for fears of another Black Monday yesterday. While Asian and European stocks fell, mainly in reaction to Friday's falls on Wall Street, stocks in the US actually rose yesterday.

Bloomberg reports:

About nine stocks gained for every five that fell on the New York Stock Exchange as U.S. markets overcame a 115-point decline in the Dow Jones Industrial Average and losses in Europe and Asia. The Standard & Poor's 500 Index added 5.7, or 0.4 percent, to 1,506.33... The Dow average climbed 44.95, or 0.3 percent, to 13,566.97. The Nasdaq Composite Index increased 28.77, or 1.1 percent, to 2,753.93...

The Russell 2000 Index, a benchmark for companies with a median market value of $646 million, gained 1.4 percent to 810.08. The Dow Jones Wilshire 5000 Index, the broadest measure of U.S. shares, rose 0.5 percent to 15,247.75. Based on its advance, the value of stocks increased by $91.6 billion.

Looks like comparisons with 1987 are premature.