Dow up 497.48 points
No, the recession isn’t over or the economic crisis solved but anything positive is a nice respite from months of bad economic news. Pundits credit the bank bailout plan and the rise in previously owned home sales for the buying spree today.
A Buying Spree as Investors Hear Bank Bailout Plan
On Monday, Wall Street gave the government what amounted to a do-over for the administration, and the Treasury secretary, Timothy F. Geithner.
When the Obama administration outlined its plans to stabilize the banking system last month, leery investors panned the proposal as being short on substance and sent stock markets into a tailspin. But investors went on a buying binge Monday.
Stocks in New York soared as the government provided more details of its plan to create a public-private partnership to buy up troubled mortgage-related assets from big banks. Shares of banking giants like Bank of America and Citigroup, which could participate, bounded ahead by double digits.
March 23rd, 2009 at 3:58 pm
[...] Original post by Mountain Sage [...]
March 23rd, 2009 at 4:35 pm
[...] Mountain Sage added an interesting post today on Dow up 497.48 pointsHere’s a small readingNo, the recession isn’t over or the economic crisis solved but anything positive is a nice respite from months of bad economic news. Pundits credit the bank bailout plan and the rise in previously owned home sales for the buying spree today. A Buying Spree as Investors Hear Bank Bailout Plan On Monday, Wall Street gave the government what amounted to a do-over for the administration, and the Treasury secretary, Timothy F. Geithner. When the Obama administration outlined its plans to st [...]