Posted on 03/16/2009 9:07:17 AM PDT by balch3
Stocks climbed Monday amid continued gains for banking shares, extending a rally that lifted markets from bear-market lows last week. At 9:50 a.m EDT, the Dow Jones Industrial Average was higher by around 64 points at 7288. The S&P 500-stock index rose 1% amid a 3% climb in its financial sector and a jump in shares of utilities. The Nasdaq Composite Index rose 0.3%. Stock markets knitted together four straight days of gains last week, bolstered by assurances from the CEOs of big banks that the first two months of the year were profitable, a flurry of merger activity in the health-care sector and better-than-forecast retail sales. The Dow industrials rose 9% and the S&P 500 gained 10%.
(Excerpt) Read more at marketwatch.com ...
I can’t see how things are going to hold up and it has literally nothing to do with politics. From what I see in many students while I am teaching school, they simply will not do their work, don’t want to learn and believe they can still get what they want by doing little or nothing. If that attitude continues, it defies the laws of economics and scripture that things will turn out well.
What age are your students?
“US Stocks Climb”
That would be... except for NASDAQ.
I fail to see a real reason for banks to gain.
Good. If banks are doing so well they do not need to be bailed out anymore period. Do you hear that Washington DC? Are you listening you jerks?
One has to ponder why such a mindset exists.
After a 2000 point drop hit has to go up at some point however obama the crazy had nothing to do with it.
>> This is frustrating. The sheeple will give Obama the credit, not seeing that things are getting worse instead of better.
Don’t worry. This is a sucker’s rally.
Obama and the sheeple will soon see the downward trends resume, and you can go back to being un-frustrated. There is zero fundamental reason for the market to rally.
Don't you see the faith, confidence, and attitude to strike a long term rally? /sarc
Another “House of Cards” can be built, if the basics are not changed in the way banks do business and Congress pushes idiocy without regulation... If the government does not fix the “root cause” of this mess, then they will repeat the same mistakes again, and the next time there may not be any money to borrow, and no way to do a “fix” things, however temporary.
The recovery monies going to cities, towns and municipalities for infrastructure will cause a bounce in jobs, as many of those projects were already underway. Added unemployment benefits will help, and some of this money will bring confidence (temporary). Everyone at the stock market is questioning this rally, and whether it recovers now or later is not the real issue, but whether the future will be sustainable... once we have to pay the interest on these loans.....that will be the real question.
ANALOGY: Any of us could boost our children’s economy and lifestyles temporarily by giving them a wheelbarrow full of money, that we had borrowed at a high interst rate —which would take a lifetime to pay, however once that money runs out....there is no way to boost their economy again, as we would be in debt for life. So if they took 150,000 dollars and put it down on a million dollar home with a mortgage, just what will that do to them if they lose their job down the road??? They will lose the original down payment and the million dollar home, because they are stupid...if in fact they had bought a 150,000 dollar home outright, then their economy would have been much more sustainable....MY POINT is loaning money to small business may help them in short run, but owing that kind of money without sustainable sales will not do anything but postpone their demise....and the country’s, and possibly our own. If we own our home outright and a devasting crash comes again without recovery...we too have lost our economy and money, for it is worth no more than those ...who lose theirs for irresponsible behavior, or lost jobs. Don’t forget this if we have a temporary recovery.
Me too or the stock markets.
Bank Of England Warns Tensions In Banking System At (New) Fever Pitch
Tensions in the financial system are approaching the fever pitch they reached before the collapse of Lehman Brothers last October, the Bank of England has warned.
By Edmund Conway, Economics Editor
Last Updated: 6:18AM GMT 16 Mar 2009
Tensions in the financial system are approaching the fever pitch they reached before the collapse of Lehman Brothers. Investors have restrained the amount they are willing to lend, banks have grown reluctant to entrust their cash to each other and levels of stress in the system have hit new peaks, according to the Bank's Quarterly Bulletin.
The Bank's chief economist, Spencer Dale, warns in the report, published today, that: "Against the background of a significant and synchronised weakening in international economic activity, market conditions generally remained strained. In particular, bank funding markets became more difficult again reflecting renewed concerns about the scale of potential credit losses and write-downs facing banks."
The report lays bare the fears investors currently have about the creditworthiness of Britain's biggest banks. It reveals that a key measure of interbank health - the spread between the London Interbank Offered Rate (Libor) and expected interest rate levels had "started to widen again" while "contacts reported some increased reluctance to lend to banks beyond very short maturities."
{snip}
yea, they ought to show a profit with all the free money
Markets up. Obama’s socialim is working. We are saved. Big spending, massive debt, it works!!!!!!
>> Don’t you see the faith, confidence, and attitude to strike a long term rally?
heh heh, no, not really, but if there was an ETF indexed to stupidity, I might take a chance on that one. :-)
What do you mean. ‘Wonder Boy’ Geithner is on right now unveiling his plan - Crisis over! /sarc
Seriously - Looks to me like more of the same manipulatory activities that will prolong the agony. The Effing Tax Code and the way it is used is a real problem. These Butt Heads seem to think all of these machinations will get everyone to perform on cue like a trained Hamster.
Just more Gov’t control IMO.
Obama has done nothing for the stock market so the raise the DJ is showing has nothing at all to do with Obama or his policies, If it reflected Obamas policies, it would fall like a tree caught in an avalanche.
If Obama takes credit for the rising market, then next time it tanks, he gets the blame. No more blaming it on the Bush economy.
Maybe NOW is the time to shift that 401k money you have left into something more “conservative”.
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