Re: Bloomberg Reports Improvement/turn around in the economy-While the Party of No continues to whine & prophecy DOOM
- From: freeisbest <demeter547opine@xxxxxxxxx>
- Date: Sun, 14 Jun 2009 07:37:30 -0700 (PDT)
On Jun 14, 10:01 am, GLOBALIST <free.tun...@xxxxxxxxx> wrote:
Bloomberg PodcastsHitting
Bloomberg Press
• Manufacturing, Housing in U.S. May Signal Economy Close to
Bottom-SNIP-
U.S. Markets Wrap: Dow Erases 2009 Loss, Treasuries Rally
By Elizabeth Stanton and Susanne Walker
June 12 (Bloomberg) -- U.S. stocks advanced, erasing the Dow Jones
Industrial Average’s 2009 loss, as Bank of America Corp. rallied on
higher profit estimates and investors bought shares of utilities and
phone companies.
Bank of America advanced 5.8 percent. Dynegy Inc. and FirstEnergy
Corp. led electricity companies to the biggest gains in the Standard &
Poor’s 500 Index and AT&T Inc. rallied as investors bought companies
less reliant on economic growth. Fewer than 860 million shares changed
hands on the New York Stock Exchange, the lowest volume this year,
after a computer error halted trading in 242 companies.
The S&P 500 added 0.1 percent to a seven-month high of 946.21 at 4
p.m. in New York, jumping 0.5 percent in the final 13 minutes of
trading. The Dow average climbed 28.34 points, or 0.3 percent, to
8,799.26. The Russell 2000 Index of small companies rose 0.1 percent
to 526.83.
“Today was a counter-trend day because defensives did better,” said
Kevin Shacknofsky, a Purchase, New York-based money manager at Alpine
Mutual Funds, which oversees $4.5 billion. “The brokers are doing
really well this quarter. They’re benefiting from good conditions in
the capital markets.”
Stocks have now advanced four consecutive weeks. The Dow become
the last major U.S. stock gauge to give investors a profit for the year,
as confidence increased that the worst recession since World War II
is ending.
Analysts Boost Forecasts
Last Updated: June 12, 2009 17:45 EDT
*************************************************
Good post. It's a great relief for us (non-investors) that an
honest, expert like Krugman is cautiously optimistic. I notice that
nobody except a few rightwingers are saying that the economy is
suddenly going to rebound to new heights. I like Krugman's realism,
that he keeps warning us that"bottoming out" doesn't mean it's time to
start wrecking the economy again, but only that if we are prudent and
act like adults, the nation will emerge from the Bush Collapse.
.
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