Stock Market's Best Week Ever (Since November)

Photograph of Senator Charles Schumer and Cardinal Edward Egan, helping to ring to opening bell at the New York Stock Exchange, by Henny Ray Abrams/AP

Stocks closed up today, capping the U.S. markets' best week since November. CNBC reports, "The Dow Jones Industrial Average gained 53.92, or 0.8 percent, to close at 7,223.98. That brought its four-day total to nearly 700 points, or more than 10 percent. All 30 Dow stocks finished the week positive. Even with Monday's decline, the S&P 500 and Nasdaq each gained more than 10 percent this week." Of course, this comes as economists still expect the GDP to "decline at an annual rate of 4.6% this quarter and 1.5% in the second quarter" and China, which has $1 trillion of U.S. debt, is worried about U.S. Treasuries.

Clusterstock's John Carney writes, "The biggest worry we hear from investors these days is 'did I miss the bottom?' Perhaps. But keep in mind that you've missed the bottom before, and we got right back down there and lower. In the final week in November, the Dow gained 9.73%. It gave up all those gains and more this year. So relax, friends. Enjoy your weekend." That is, until Fed Chairman Ben Bernanke's interview airs on 60 Minutes.

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By Jen Chung in News on March 13, 2009 6:17 PM

Comments [rss]

Dude69

This is not a recovery, it's a long way from it. At best it's a bear market rally of shorts covering their positions, and booking some gains, before the next bottom.

Fuckin' Schumer trying to take credit for every little thing, is there an Spitzer sex scandal this douche can get involved it soon!

Novanglus

It's a little sad that we're celebrating this. Not much of a climb, but it is more of a controlled fall I think. To bounce up .8% after teh whole had been halved....not significant at all.

thefacts

"bounce up .8%"

There are none so blind as those who will not see.

The best week since November - when Bush was in office.

Bush saw the Dow fall from 11,000 to 8,000, and left us a 1.3 Trillion deficit. So much for conservative financial policies.

"That brought its four-day total to nearly 700 points, or more than 10 percent. All 30 Dow stocks finished the week positive. Even with Monday's decline, the S&P 500 and Nasdaq each gained more than 10 percent this week."

Gotta love Obama and the Dems.

NannyState

Huge Obama economic turnaround, eh, Ides of March?

TN

It could be another sucker's rally.

eyekantspel

I love that we're celebrating a few consecutive up days--taking us to DJIA 7223-- as if it's some great milestone. If we cross 7500, maybe I'll buy that condo in Miami.