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Photograph of traders at the New York Stock Exchange by Henny Ray Abrams
Today, as some economists said the recession was over (unemployment will still hit 10% though!), the Dow Jones crossed the 9,900 mark. According to CNBC, stocks were "fueled by earnings optimism, but then pulled back as investors took some profits." Another fun fact: "This came after the Dow logged its highest close in over a year on Friday, which, coincidentally, was also the two-year anniversary of its record close above 14,000." Jeez, 14,000—that seems so long ago.
The Wall Street Journal adds, "Expectations for a strong week of third-quarter earnings reports sent U.S. stocks higher for much of the morning, with financials helping to lead the tape. A series of large banks, including J.P. Morgan Chase, Goldman Sachs Groupand Citigroup, are set to post their quarterly results in the coming days." The S&P 500 ended at a one-year high of 1,076. Well, that's what we get with a socialist president, we suppose.
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Recession over and the job market is in the pits. Isn't that an oxymoron?
No. Employment always trails the economy. Employers will meet any increase in demand with their current workforce as long as possible.
Credit is thawing rapidly and business cap-ex is beginning to happen. Inventories need to be restored to grow the revenue line and that means jobs. Remember the dire predictions for the stock market back in March? It always looks darkest before the dawn.
"The recession is over" means the recession is over for rich people, for the moment. Unemployment and foreclosures are still rising, but he MSM don't care about poor and working people, and seldom mention them. I take it all these revived industries will be selling to foreigners. Oh, wait, we don't make anything -- we just print money. As long as we can sell that to the Chinese, though, we're golden. And when we can't -- well, that's the future, and who cares about that?
It aint over till it's over.
That's all fine and good, until they discover that stock prices are overvalued and everything drops again. The whole recovery feels pretty much invented at this point.
Besides, it seems banks are getting right back into their old habits, simply to push the prices higher, faster.
Dead cat bounce.