The stock market was racked by massive volatility in the just-ended Q3.The CBOE VIX Volatility Index soared an amazing 159.32% over the the three months as investors fretted over debt fears both at home and abroad and consumers faced escalating food and health care costs,while gas remained stubbornly over 3.00 a gallon even though the summer driving season has come to an end.For the quarter,the Dow lost 12.1%,while the NASDAQ fell 12.91 and the S&P plummeted 14.1.
This financial gloom was relieved by an entertaining close to the Major League Baseball season-unless you are a Boston Red Sox or Atlanta Braves fan.Both teams created a lot of excitement as they dragged the wild card race out to the very end,both succumbing to ineptitude under pressure in the end.The Tampa Bay Rays and St.Louis Cardinals rallied into the playoffs instead,which began late Friday afternoon as the Rays clocked the Texas Rangers 9-0 in the American League Division Series.Rays catcher Kelly Shoppach hit two homers in the first game of the best of five series.The New York Yankees and the Detroit Tigers were tied 1-1 in the other American League match-up when the game was suspended for rain.They will resume play Saturday night.
Next week,the market will deal with manufacturing and service sector reports from the Institute for Supply Management,as well as Friday's unemployment numbers and continuing European drama.The S&P futures were having none of it Friday evening,cratering a further 30.30,while bond index futures rose.
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