Posted on 03/26/2009 1:20:21 PM PDT by SonOfDarkSkies
Building on what could be one of Wall Street's strongest monthly performances ever, the Dow soared 175 points and the Nasdaq Composite turned positive year-to-date Thursday thanks to big gains from tech stocks and retailers.
Today's Markets
The Dow Jones Industrial Average rose 174.75 points, or 2.25%, to 7924.56, the S&P 500 gained 18.98 points, or 2.33%, to 832.86 and the Nasdaq Composite picked up 58.05 points, or 3.80%, to 1587.00. The consumer-friendly FOX 50 added 13.09 points, or 2.15%, to 622.88.
“The feeling on the floor is pretty optimistic. People are sensing that perhaps this thing is turning a little bit,” NYSE trader Bernie McSherry of Cuttone & Co. told FOX Business.
The markets were buoyed by a number of positive stories on Thursday, including better-than-expected results from BestBuy (BBY: 37.66, 4.27, 12.79%), upbeat analyst comments on tech stocks like Google (GOOG: 353.29, 9.22, 2.68%), and solid demand for a 7-year Treasury auction. At the same time, Wall Street breathed a sigh of relief after a pair of economic reports offered no negative surprises for traders.
(Excerpt) Read more at foxbusiness.com ...
These people are dumb. Obama is going to tax and regulate them into the poor house. just because a govt official says there are signs of hope, don’t mean there is hope.
Our communist leadership, whose campaign to destroy the FREE MARKET SYSTEM, our economy and our freedoms is doing wonders for the American citizen.
People do deserve the government they get — but in this case, even the mindless DimoRats do not even deserve this travesty upon the American Republic and its Constitution.
I’m starting to think the market likes the fact that Obama is being shown to be incompetent and is losing his favorability rating.
I know....I keep thinking the same thing....wondering if this is a bounce from the Pubbies coming out with their “plan”......and the market HOPING they might get listened to....LOL.
Those fools are applauding socialism.
Absolutely!
Much better that he is an incompetent than an effective Socialist.
IMO, there was a turning point yesterday when OBammy scolded Geithner for hurting the markets with his currency comment to the Chinese. It showed that he cares what the markets think and that means that however incompetent he might be, he is willing to follow the wisdom of the marketplace instead of some outdated socialist ideology.
Funny what happens when you pump 3 trillion dollars into the banking system.
Hmmm... crude oil back up over 50% to $51.43, from lows in the low 30s. Dollar back down to .74 Euros. Those idiots railing about how there was $60 trillion of bad debt (that was the sum total of all the funds in the world!) played beautifully into Obama’s hands.
The collapse of the housing market wasn’t a tragedy. It was a much needed correction towards affordability. Now, instead of the opportunity to build a future for my own kids, I’m going to be a slave so that some idiots can pay a million bucks with MY tax money so I can’t afford my own house.
I think the markets are concluding that reality is going to prevent Obama's socialist ideas from becoming reality.
Might or might not be willing. Obummer frequently blows both hot and cold on the same subject. Some think he is trying to get his own plans to fail.
Our best hope is that by constantly stumbling over himself, he’s more incompetent at getting his plans realized than Jimmy Carter.
Wall Street doesn’t control the market. The market is the composite of all investors (folks like you and me as well as institutions) around the world.
I think he realizes his ship is taking on water and is doing what he can in the short term to stop the leak.
I guess the Obamassiah can learn.
The porkulus has to be factored down by the actual takers. The 4 Tril is based on a 50 state acceptance of the full plan.
There is a lot of cash on the sidelines ...if you sit on it you lose big if inflation goes up as dramatically as most people think
I am still at the tea leaf reading stage myself, but IMO Obama has caught the tiger by the tail...and it’s the tiger that’s going to be controlling the dance, not Obama.
Wall Street controls a lot more than you think.
If you were not a Fortune 500 company they could short you out of business if they wanted to.
A tremendous selling opportunity. Just shows that Wall street is not any different than the Vegas Strip, except there are no bunny ranches on Wall Street.
There are no Bunny Ranches on the Strip either (though there’s plenty of bunnies)
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