Wall Street Hopes Rally Continues

Are investors getting their groove back? The Dow was up 3.46% (+239 points to end at 7170 points), the Nasdaq increased by 3.97%, and the S&P 500 rose 4.07%. According to CNBC, "The surge marked the third straight gain for the Dow, after a tiny gain on Wednesday and a nearly 6-percent burst on [Tuesday], the best rally in more than three months." One portfolio management firm chief investment officer told the Wall Street Journal, "We're getting back to a more normal world in which companies that do well in terms of their profits are getting rewarded," which one investment management firm's managing director told CNBC, "A lot of the trap doors are being opened and you're not getting these major surprises anymore. That's why you're getting some investor confidence." So, basically, it's anybody's guess and we're just hoping it lasts.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on March 12, 2009 7:02 PM

Comments [rss]

Shinobi Shaw

A lovely day at the stock market, my my aren't the clouds fluffy today, Mr. President.

NannyState

Ah, another great Obama Rally day.

NYCSniper

I believe the markets are being manipulated.

Think they have been controlled for some time.

Interesting Obama quote from NY Times:

"I did think it might be useful to point out that it wasn’t under me that we started buying a bunch of shares of banks. It wasn’t on my watch."

So was the Bush admin buying common shares in banks to prop up the markets? Is the Obama admin continuing this practice?

SP

"I believe the markets are being manipulated.

Think they have been controlled for some time."

Wow, what a brilliant conclusion!!! Newsflash: there is no such thing as a free market. It's a lie perpetuated by plutocrats to give you the illusion of self determination.