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Market recap: The Dow, Nasdaq and S&P all rallied to four-month highs after economists...

Market recap: The Dow, Nasdaq and S&P all rallied to four-month highs after economists officially declared the recession over. The S&P crossed 1130, a key resistance level, and continued to surge past 1140. Nearly all sectors closed higher, led by financials, retailers and energy. Crude oil futures pushed past $75, and gold hit a new high. NYSE advancers led decliners four to one.
Comments (6)
  • Stoploss
    , contributor
    Comments (1727) | Send Message
     
    Main street hasn't gotten the memo yet. Or a job either, but hey, who cares! Recession's over!! Ended last year, who knew?!! Now on to Fannie, to get a sweet deal on a new house i don't need, since we're back to no doc 99% LTV loans.. Then rent it out for twice the note.
    Behold the new bull market!! < sarc off >
    20 Sep 2010, 04:19 PM Reply Like
  • positivethoughts
    , contributor
    Comments (2011) | Send Message
     
    If all this market needs to rise is a declaration from econonmists, then there isn't much substance behind the rise. Remember, if something can rise this easily, it can also fall equally easily.
    20 Sep 2010, 04:23 PM Reply Like
  • apberusdisvet
    , contributor
    Comments (2952) | Send Message
     
    Today's economists, when all the stories have been written, will be seen as merely politically financed snake oil salesmen.
    20 Sep 2010, 04:31 PM Reply Like
  • Donald Ingram
    , contributor
    Comments (3481) | Send Message
     
    Everything is now just "Jim Fine Dandy"! Full speed ahead and damn the torpedoes! We're in the money! Happy days are here again! Pennies from heaven!

     

    Under or Unemployment at 20+%. Forty plus million on food assistance. More people slip into poverty from the middle class which continues to shrink. A half million or so fall of the unemployment benefits wagon each month as these "ninety niners" join the ever growing poverty class. As the top 1% get richer beyond even their dreams!

     

    But hey! Lets party! The recession is over. Right?
    20 Sep 2010, 04:30 PM Reply Like
  • mobyss
    , contributor
    Comments (2188) | Send Message
     
    So the news that the recession ended 15 months ago has such a great impact on today's market?

     

    Was there a large faction of investors/traders that thought that the recession was still ongoing, and ONLY after today's "announcement" were they convinced? What data were they looking at for the last 15 months? Didn't we have a few positive GDP reports (that also resulted in big rallies) between June 2009 and now? So I guess today was a "double reconfirmation rehash restatement" of what we already knew, and I stupidly thought had already been reacted to. Silly me.

     

    If they want a REALLY big rally, they should announce that the Great Depression officially ended in 1942, so that all the skeptics on that one can finally buy in too.

     

    Very emotional response, and we'll see how the real data (housing, manufacturing) from the last week gets digested, if it even gets noticed. Maybe we're in another one of those "all news is good news, and bad news is ignored" type of rallies like back in March and April. But we saw how that ended in May.
    20 Sep 2010, 05:10 PM Reply Like
  • old boat guy
    , contributor
    Comments (211) | Send Message
     
    Man, I will sleep better tonight. Thank you keynsian economists. You have been so spot on the money in the past, so honest (brimming with integrity. Now I know my property and savings are safe, and that the fractuous tangible gold I bought and those shares in gold/silver stocks can now be sold at a large profit. Wow, thanks. I have been waiting for this. Back to business as usual.
    20 Sep 2010, 05:17 PM Reply Like
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