Dow Soars 379 Points as Investors See Hint of Hope

[babylonsister]

Dow Soars 379 Points as Investors See Hint of Hope

By JACK HEALY
Published: March 10, 2009


Wall Street soared on Tuesday in its biggest rally of the year after investors found a glimmer of optimism in the financial sector.

The faint signs of hope came in several forms: a memorandum from Citigroup saying that the bank had been profitable in the first two months of the year; calls for regulatory reforms from the Federal Reserve chairman, and the possibility that the government would reinstate rules governing short sales of stocks.

Even with a deep downturn choking the global economy and troubles still looming in the financial system, investors seized on these inklings of hope and pushed financial markets about 5 percent higher in a broad rally. The Dow has gained more than 300 points, erasing almost a week’s worth of losses. Banking shares surged, and safety investments like gold and Treasury debt slipped back.

“We poor investors, we don’t need much to make us happy, we’ve been beat up so hard,” said Ed Yardeni, president of Yardeni Research. “At this point we’ll take whatever we can get. It ain’t much, but it’s better than a poke in the eye.”

more...

http://www.nytimes.com/2009/03/11/business/11markets.html?_r=1&hp

[Avalux]

1. HOPE = Citi cancelling and gouging it's cardholders.

Fucked up what passes as success these days.

[HysteryDiagnosis]

2. And Rush is rushed to an emergency ward complaining of

chest pains?? I want the president to fail.... heh.

[ORDagnabbit]

3. nothing has changed.....you'll see it go right back down as soon as the big boys take their profits.

[ThomWV]

5. some of us little guys too.

[ThomWV]

4. I don't think for a second that this is the turning point - but when it comes it will be profound

When the rebound comes it will be steep - but I don't have any illusion that it will be anytime soon. First there have to be jobs, or at least marked and noted improvement in employment situation, and we're no where near there yet.

[gratuitous]

6. Now how did that happen?

It's almost like the DJIA didn't pay a lick of attention to the likes of Warren Buffett or Eric Cantor when they said that President Obama needed to focus like a laser beam on the economy and shouldn't divide his attention! Does this mean President Obama's policies are a ringing success? Or does it mean really very little in the huge scheme of things? Or are we the people being subjected to a bunch of alarmist know-nothings before any meaningful action has even taken place? And if we are, why are the major media outlets doing that?

Do you think that we're being bum-rushed by a bunch of people who don't know a goddam thing?

[babylonsister]

7. Seriously, I don't know what to think.

I'm sure this isn't going to last unfortunately.

[gratuitous]

8. Me neither

And I don't think anyone else really has a handle on it, though I'm inclined to think the pessimists who think it's going to take anywhere from 18-36 months to straighten this mess out somewhat are correct.

But that doesn't seem to stop the popular media from showcasing a whole bunch of people making deathless pronouncements that the stimulus is too much, or too little, or creeping socialism, or rampant oligarchical manipulation of the free markets, or a delicious dessert topping. Can't we just wait a little bit? See where the stimulus is working, where it's not working, and take appropriate action? Or am I talking crazy?

[babylonsister]

9. No, you're right. There are way too many knee-jerkers, and

jerkoffs, out there.