Markets continue to be highly volatile. After yesterday’s record day of a 1,000+ point gain, stocks went severely negative in the morning, losing as much as 600 points at one point. Fears of a potential “dead cat bounce” were erased in the afternoon as heavy buying at the close pushed the Dow back up for what ultimately became a positive day and a 260 point gain. The Dow ended the day at 23,138, with natural gas also up, but oil down.
After 125 years, Sears could be liquidated tomorrow if someone does not make a bid to buy the company by 4pm Friday. So far, the only thing resembling a bid is a $4.6 billion proposal from current CEO and hedge fund manager, Eddie Lampert, but currently he still does not have the financing to make good on his proposal. Without any bids the company will be stripped down for parts, and the futures of 68,000 employees will be unknown. Similarly, J.C. Penny has become worth just that – pennies – as its share price has now fallen under $1.
In other news, the $1.5 billion Mega Millions jackpot, that was won a couple months ago, has still yet to be claimed. Should this go unclaimed, the money will be returned to the states that participated and then they will decide what to do with it. Some states put it back into lottery drawings while other states, like Wisconsin, use the money for property tax relief – I’m sure that would be a welcomed use of the money here!