Stocks Surge; DJIA Has Biggest Gain Since November

Stocks Surge; DJIA Has Biggest Gain Since November

&dist=msr_1]www.marketw atch.com

By Rob Curran
Last update: 5:55 p.m. EDT March 10, 2009
(Adds details of individual stock moves.)
NEW YORK (MarketWatch) -- U.S. stocks Tuesday staged their biggest rally since November led by banks such as Citigroup and other stocks beaten down by the credit-crisis and recession such as General Electric.

The rebound came after a sustained month of selling, and the U.S. stock market has still not had two straight gaining sessions since Feb. 5 and 6. Still, indexes wiped out their losses for March in a single session.

Investors were encouraged on multiple fronts: assurances that the financial system was under improvement from U.S. Federal Reserve Board Chairman Ben Bernanke, word that Citigroup Inc. was profitable by one measure in the first two months of 2009 and hints at reinstatement of a short-selling restriction.

"This kind of broad-based move is encouraging, but the question becomes, will it be sustained? At this point, it certainly feels that way," said Gordon Charlop, managing director at Rosenblatt Securities.

(visit the link for the full news article)



[edit on 10-3-2009 by SLAYER69]

Well here is a little good news
Yay!

it goes on to say

The Dow Jones Industrial Average closed up 379.44 points, or 5.8%, at 6926.49, marking its biggest percentage gain since Nov. 21 and closing at its highest level since Feb. 27. Citigroup surged 40 cents, or 38%, to 1.45, though it's still down 98% from this time last year. An internal memo from Chief Executive Vikram Pandit said the bank's earnings before taxes and money set aside for problem loans could be as much as $8.3 billion for the first quarter.

&dist=msr_1]www.marketw atch.com
(visit the link for the full news article)

[edit on 10-3-2009 by SLAYER69]

kinda like what we were saying in another thread. once it hits extremely low points all the people that have cash in mason jars come out of the woodwork and buy stuff thats dirt cheap.

People will eventually make a killing once it rebounds
I would hold by breath for a few more sessions though.

exactly. one little surge aint makin a full rebound. i do hope it keeps a little growth going. im sure alot of people made a wheelbarrow full of cash today. i picked up a few small things last week, didnt really change but didnt sink either.

reply to post by SLAYER69


Those that. 8. something billion accounts, for the billions of bail out money that the tax payer has given them?

Because if you deduct the 25 billion of the first bail out they still owns 17 billions and some to the tax payer.

So where are the profits again.?



[edit on 10-3-2009 by marg6043]

at the federal reserve. the small profits are in some private pockets, the bigger ones are in the bigger pockets. i know you dont have to think too hard to figure out whos making money here.

Well I for one am glad the thing is moving in the right direction. I get so tired of all the gloom and doom and then to watch day after day the thing drop.

This rallies are premeditated to give confidence in the US markets when necessary.

Last Wednesday the Rally was caused by Chinas rumors of an economic stimulus, the next day the stimulus was nothing more than a lie and the markets reacted accordingly.

If Citi can keep "leaking memos" like this with not backing to what they are talking about I guess the rally will keep illusion of Market recovery, but for how long.

[edit on 10-3-2009 by marg6043]

Bouncity-Bounce Time

market-ticker.org...

[edit on 10-3-2009 by pluckynoonez]

I hope this isn't one of those upward hiccups that end with another slide.

But then, hope is all I can have either way. The take 2 or 3 months worth of my wages for themselves and do with it what they will. I object, they don't listen.

reply to post by Maxmars


Well after all the bending over that Americas tax payer has done for the financial institutions without our permission to do it, I guess at least American people deserve one day of good news after all we have pay for this "profit".

I guess when things goes south again, it will no be a brainier that more tax payer money will be feed again to help the markets get another rally.

reply to post by marg6043


True. It seems that they have deemed themselves entitled to the fruits of our labor.

Whenever and wherever there is a citizen, they see a source of revenue for their 'games'.

*heavy sigh*

reply to post by Maxmars


Well that idea really burns me up
Waits until the opening bell

Don't feel burn up my friend, just take into consideration what is going on in this nation right now, this rally is not for the benefit of the American people.

We are just the piper puppet.

GDP down, unemployment at highest, productivity low, millions of foreclose, yes this rally has nothing to benefit main street America.

two things stand out in my head after listening to the idiots on the boobtube.

1. all these clowns who were saying it's going to get worse before it gets better and how 09 is going to be a tough year etc are now saying the recession is over, that they saw the signs in the second half of last year and things are all rosy? please.

2. when madoff starts singing - his pleas is coming Thursday, it could cause quite the tailspin. Everyone's suddenly all rosy on the banks and now Madoff sings and there's speculation he had help from a major bank (BoNY perhaps, pershing branch?) and that alone could cause a huge stir when people learn that a major bank was complicit in the biggest ponzi scheme ever....after social security of course.

If the bank turns out to be Chase (they closed out accounts invested in madoff's "fund" shortly before it went bust) the end of the world might actually arrive.

Then there's the SEC aspect. He's got to detail how easy it is to work around the watchdog. He's going to describe, in detail, how he threw them a steak and made them his proverbial female dog.

None of this singing can be very positive for the market. It's not like he'll sing and the problems will be fixed. On the contrary, we're going to find out just how insanely screwed we really are and the markets will respond in kind.

Of course, if he just sings songs about italian and russian mobs with a refrain about the cartels who launder money then it might not matter.

Originally posted by marg6043
Don't feel burn up my friend, just take into consideration what is going on in this nation right now, this rally is not for the benefit of the American people.

We are just the piper puppet.

GDP down, unemployment at highest, productivity low, millions of foreclose, yes this rally has nothing to benefit main street America.

Not saying that this is it, but the market does predict a recovery before it happens. When the recovery happens you will see the market soar before main street feels anything. So when the real rally happens, this isnt it by the way, it will be good for everyone.

This rally was expected. For the catalyst to be outright lies from Citi however, is remarkable. Pandit didn't say how much money was lost during that time frame. It's like me getting my paycheck and telling everyone how great it is that I made money without telling them that my home is in foreclosure and my car's been repossessed.

Yeah, one day Citi is a penny stock on the brink of collapse and the next it was all a bad dream.... Santa Claus showed up with profitability

Crakeur I have been following the Mardoff case and you are right he took the plea bargain and sing he will.

But if its true that he had dirt on a major bank the bank should be in a panic mode by now, don't you think?

Still why is taking this long for the information about Mardoff case and cronies to come out, perhaps because the government doesn't want bad news liked out when the economy is so "delicate right now"?

I can not wait to see what this crock have to say.

reply to post by tide88


Yes, it will be a rally and that will boost the markets enough to bring the markets back to live but its not going to be thanks to Citi at all.