After the worst day for the Nasdaq Composite in seven years, the index today turned around and posted a gain that was equally stunning, as the Street became hopeful that the financial crisis is nearing a turning point.
The Nasdaq Composite today gained 100.25 points, or 4.78%. That was the Nasdaq’s fattest one-day gain in terms of points since May 8, 2002. On a percentage basis, it was the best day for the index since March 13, 2003. There have been 56 days since the index debuted in 1971 with larger points gains; there have been 37 days with bigger percentage gains.
Yesterday, the Nasdaq had dropped 109.05 points, a decline of 4.94%, the worst one-day drop both in terms of points and percentage lost since September 17, 2001, the first trading day after the September 11 attacks.
With the recent wild price swings, the day’s list of big winners includes some eye-popping gains. It is quite an interesting collection of stocks; I’m not sure they have all that much in common, although there are few China-based names on the list. Anyway, here’s a sampler of the day’s most explosive gainers:
- Focus Media (FMCN): Up $4.58, or 20.6%, to $26.83.
- Ctrip (CTRP): Up $15.50, or 44.3%, to $50.50.
- Emcore (EMKR): Up $1.35, or 26.3%, to $6.48.
- Phoenix Technologies (PTEC): Up $2, or 23.9%, to $10.38.
- Intevac (IVAC): Up $2.48, or 23.1%, to $13.24.
- Cray (CRAY): Up $1.11, or 21.5%, to $6.27.
- Maxwell Technologies (MXWL): Up $2.29, or 21.3%, to $13.05.
- American Superconductor (AMSC): Up $3.64, or 20.9%, to $21.10.
- SupportSoft (SPRT): Up 61 cents, or 20.4%, to $3.60.
- Baidu (BIDU): Up $50.79, or 20%, to $305.25.
- Savvis (SVVS): Up $2.35, or 19.1%, to $14.64.