Stocks Rebound on Obama's First Full Day

After the Dow fell over 300 points yesterday, the stock market perked up a little and indexes rose over 3.5% today. The Dow closed up 300 points (+3.5%), at 8,228 points; the Nasdaq grew 4.6% and S&P 500 gained 3.7%. Atlantis Asset Management chief investment strategist Michael Cohn told CNBC the Dow would probably be bouncing between 8,000 and 9,000 points for a while, "Right now, it's just one body blow after another. Once we get through this earnings season and into February, I think the market can lift back to 9,000." Some of the market's optimism was fueled by rumors about President Obama's economic plan. As for the person to steer Obama's plan, Timothy Geithner, even Geithner-hater Jim Cramer thinks he's better than nothing.

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By Jen Chung in News on January 21, 2009 4:05 PM

Comments [rss]

NannyState

These are traders' rallies and sell-offs. If you are a trader who buys on the dip and sells on the rip, you could have made 50% off all the volatiltiy in this crappy market. That's a bigger take than when the markets were solid but filtering downward in 2007. Nobody knows if any of this massive stimmulus will actually work, but it's a nice way to welcome our new president anyway...

JacqueMehoff

who knew, the republicans are now the party of whiners.

LONE VOICE

Let’s get something Straight Genius, the reason the stock market tanked in the first place was Domorats forcing Banks Give loans to people who had no intention, or the means of paying them off in the first place. Why would you could BUY a house on an arm for less than you could rent?? (and why not as freddie and fannie backed them up they had nothing to loose Obama was after all on their team) and then slip out of the country back to Mexico, do some research and educate yourself, one day you may make enough money and pay taxes too, Ps the Stock Market Dropped like a stone when Obama was elected. As a side note I find it amusing that he announced No pay raises to his Staff ?? Where was he when the House and Senate gave themselves a Raise in December as I said educate yourself and stop drinking the Cool Aide and stop looking at the Love fest on CNN.

rcltrh

Where oh where is the IOM? Oh I forget Rupugicans never admit they might have been wrong. That's just un-American. Just wait until the next time it falls then he will be back trying to blame it all on Obama again. Silly Repugnicans.