Looks like Obama got the market back on track
- Thread starter MadJack
- Start date
Dow Jones Industrial Average:
Bush takes office in 1/2001.......................10,800
Dems take control of congress in 11/2006...12,300
Bush loses election in 11/2008.....................8,900
Obama takes office in 1/2009......................8,200
Today, following 5% bump.........................6,900
Coincidence? Maybe:shrug:
Bush takes office in 1/2001.......................10,800
Dems take control of congress in 11/2006...12,300
Bush loses election in 11/2008.....................8,900
Obama takes office in 1/2009......................8,200
Today, following 5% bump.........................6,900
Coincidence? Maybe:shrug:
I wasn't being serious but I think you were :scared
kurby
Bush did get the market at 10800 and left it at 8200 and tanking if your figs are correct :shrug:
You're not a kidding, thought we would watch it disappear at the usual time of the day, let's hope for some follow through.
My figures are estimates I jotted down from a max chart on yahoo finance.
Am I serious, yes. But I do not blame O for our current woes.
IMO, those who are exclusively blaming Obama(and dems) for the recent economic collapse are foolish, but not any more foolish than those who blame our woes exclusively on W(and the GOP).
Good,but surprising news on Citi-Corp.
Maybe the bailout is working,with them anyway.
Patience is needed,but somehow the right will not only bash O,but take full credit.
Maybe the bailout is working,with them anyway.
Patience is needed,but somehow the right will not only bash O,but take full credit.
Dow ends up nearly 380 on Citigroup profit news
Buzz Up Send
AP ? Neil Gallagher of Bear Wagner Specialists works on the floor of the New York Stock Exchange, Tuesday, ? NEW YORK ? Wall Street snapped out of its stupor and posted its best performance of the year Tuesday, finding a badly needed glimmer of optimism in the most unlikely of places: Citigroup is actually managing to turn a profit. The 379-point gain for the Dow Jones industrials, a rally of almost 6 percent, was a welcome break from almost uninterrupted selling. But just as almost nobody expects the banks to snap back to health, almost nobody thinks the market has hit its bottom.
"One day isn't going to make a trend," said Kurt Karl, chief U.S. economist at Swiss Re.
Citigroup Chief Executive Vikram Pandit said in a letter to employees that the bank had operated at a profit for the first two months of this year and was on track, based on historical trends, to make $8.3 billion for the quarter.
Pandit said the bank has had its best performance since the third quarter of 2007, the last time it booked a quarterly profit.
The news broke a months-long torrent of bad news from the banking industry ? particularly for Citi, which had grown so shaky the federal government had to take a 36 percent ownership stake.
Banking stocks led the markets higher all day. The Dow finished at 6,926.49, its highest close since late February. All 30 of the Dow industrial stocks gained ground.
Citi itself finished at $1.45, a gain of 40 cents. Last week, its stock fell below $1, a level so stunning it left the bank at the mercy of late-night comedians.
A gain on Wednesday would give the Dow its first two-day winning streak since early February. But Wall Street is used to false starts. The Dow had gained 200 points in a single day five times in 2009 before Tuesday. Each time, it lost ground in the next session, twice by triple digits.
And after they hit their lowest points last year, both the Dow and the Standard & Poor's 500 jumped about 20 percent. But those lows didn't last, and Wall Street is now trading well below those levels.
On Tuesday, the S&P closed at 719.60, still less than half of its value at the market peak in October 2007.
"I would be surprised to see us trade back over 800 in the near term," said Ben Halliburton, chief investment officer of Tradition Capital Management in Summit, N.J. "The news coming out on the economic front will continue to be rather gloomy."
Analysts also suggested that the market's gains, especially among financial stocks, could be attributed in part to covering by short-sellers ? investors who bet stocks will fall, and are forced to buy to limit their losses when the market rallies.
Among banking stocks, Bank of America gained 28 percent, JPMorgan Chase gained 23 percent and Wells Fargo & Co. gained 18 percent.
Jon Merriman, chief executive of brokerage Merriman Curhan Ford in San Francisco, said the letter from Citi's CEO shows the bank is lending. Government officials and market analysts alike have said more lending is key to an economic recovery.
"Maybe Citibank is not going to zero, that means it's going to lend again and then the economy will turn," he said. "People today in the stock market are connecting those dots. And the market is up broadly, it's not just the banks."
Reports also surfaced Tuesday that federal regulators are considering a proposal to reinstate the "uptick rule," which proponents say helps protect companies from excessive short-selling, when investors bet a stock will drop. The rule expired in 2007.
And investors were encouraged by Federal Reserve Chairman Ben Bernanke's call for an overhaul of the country's financial regulatory system. Speaking before the Council on Foreign Relations, Bernanke said companies deemed "too big to fail" must be subject to more rigorous supervision to prevent them from taking on excessive risk.
Bernanke's remarks come as the Obama administration and Congress begin to devise their overhaul strategies.
The combination of good news was enough to propel the Dow to its best day since Thanksgiving week, when it notched back-to-back gains of 494 and 397 points. But there will still plenty of pessimism on Wall Street.
"There's nothing that anybody can do to turn the market around," said Harry Rady, chief executive of Rady Asset Management. "This is just a little bear market blip."
Halliburton was hesitant even to put much stock in the Citigroup announcement for fear that rising losses on loans could eat away at the bank's operating profit.
As long as housing prices are falling and loan defaults are rising, "They are going to have to take asset write-downs," he said. "I don't think this is a game-changer."
Late last month, in its third attempt to rescue the bank from collapse, the Treasury Department took a 36 percent stake in Citi. The bank has already received $45 billion in bailout money.
Buzz Up Send
AP ? Neil Gallagher of Bear Wagner Specialists works on the floor of the New York Stock Exchange, Tuesday, ? NEW YORK ? Wall Street snapped out of its stupor and posted its best performance of the year Tuesday, finding a badly needed glimmer of optimism in the most unlikely of places: Citigroup is actually managing to turn a profit. The 379-point gain for the Dow Jones industrials, a rally of almost 6 percent, was a welcome break from almost uninterrupted selling. But just as almost nobody expects the banks to snap back to health, almost nobody thinks the market has hit its bottom.
"One day isn't going to make a trend," said Kurt Karl, chief U.S. economist at Swiss Re.
Citigroup Chief Executive Vikram Pandit said in a letter to employees that the bank had operated at a profit for the first two months of this year and was on track, based on historical trends, to make $8.3 billion for the quarter.
Pandit said the bank has had its best performance since the third quarter of 2007, the last time it booked a quarterly profit.
The news broke a months-long torrent of bad news from the banking industry ? particularly for Citi, which had grown so shaky the federal government had to take a 36 percent ownership stake.
Banking stocks led the markets higher all day. The Dow finished at 6,926.49, its highest close since late February. All 30 of the Dow industrial stocks gained ground.
Citi itself finished at $1.45, a gain of 40 cents. Last week, its stock fell below $1, a level so stunning it left the bank at the mercy of late-night comedians.
A gain on Wednesday would give the Dow its first two-day winning streak since early February. But Wall Street is used to false starts. The Dow had gained 200 points in a single day five times in 2009 before Tuesday. Each time, it lost ground in the next session, twice by triple digits.
And after they hit their lowest points last year, both the Dow and the Standard & Poor's 500 jumped about 20 percent. But those lows didn't last, and Wall Street is now trading well below those levels.
On Tuesday, the S&P closed at 719.60, still less than half of its value at the market peak in October 2007.
"I would be surprised to see us trade back over 800 in the near term," said Ben Halliburton, chief investment officer of Tradition Capital Management in Summit, N.J. "The news coming out on the economic front will continue to be rather gloomy."
Analysts also suggested that the market's gains, especially among financial stocks, could be attributed in part to covering by short-sellers ? investors who bet stocks will fall, and are forced to buy to limit their losses when the market rallies.
Among banking stocks, Bank of America gained 28 percent, JPMorgan Chase gained 23 percent and Wells Fargo & Co. gained 18 percent.
Jon Merriman, chief executive of brokerage Merriman Curhan Ford in San Francisco, said the letter from Citi's CEO shows the bank is lending. Government officials and market analysts alike have said more lending is key to an economic recovery.
"Maybe Citibank is not going to zero, that means it's going to lend again and then the economy will turn," he said. "People today in the stock market are connecting those dots. And the market is up broadly, it's not just the banks."
Reports also surfaced Tuesday that federal regulators are considering a proposal to reinstate the "uptick rule," which proponents say helps protect companies from excessive short-selling, when investors bet a stock will drop. The rule expired in 2007.
And investors were encouraged by Federal Reserve Chairman Ben Bernanke's call for an overhaul of the country's financial regulatory system. Speaking before the Council on Foreign Relations, Bernanke said companies deemed "too big to fail" must be subject to more rigorous supervision to prevent them from taking on excessive risk.
Bernanke's remarks come as the Obama administration and Congress begin to devise their overhaul strategies.
The combination of good news was enough to propel the Dow to its best day since Thanksgiving week, when it notched back-to-back gains of 494 and 397 points. But there will still plenty of pessimism on Wall Street.
"There's nothing that anybody can do to turn the market around," said Harry Rady, chief executive of Rady Asset Management. "This is just a little bear market blip."
Halliburton was hesitant even to put much stock in the Citigroup announcement for fear that rising losses on loans could eat away at the bank's operating profit.
As long as housing prices are falling and loan defaults are rising, "They are going to have to take asset write-downs," he said. "I don't think this is a game-changer."
Late last month, in its third attempt to rescue the bank from collapse, the Treasury Department took a 36 percent stake in Citi. The bank has already received $45 billion in bailout money.
I found it quite odd that market took such jump on a memo to workers that citi would turn profit--truely good news if believable--
--however the most positive news today to my thinking was budget commitee chairman Conrad saying O didn't have enough votes to pass the carbon tax/greenie agenda and didn't think he ever would--and somehow I'm thinking that was highlight for financial world also--but just my opinion.
--however the most positive news today to my thinking was budget commitee chairman Conrad saying O didn't have enough votes to pass the carbon tax/greenie agenda and didn't think he ever would--and somehow I'm thinking that was highlight for financial world also--but just my opinion.
the market will bump and dive temporarily on mere spoken words from the right people....that`s why bock and the administration need to stay positive...
citigroup has had a profitable month after getting a gazillion dollars dropped in their laps?....whoda` thunk it?...
good for them....
the question i have is this: ...who is stimulating the economy?..the guy who has provided 14 people good paying jobs and serves over 2,200,000 people per year with a flourishing business? ....
or, the single mother sitting at home pregnant with her fourth child waiting for her next welfare check?...
obviously, this government feels the latter is the economic stimulus of this country....
it ain`t gonna work over the long haul,gents...eventually,they`ll run out of other people`s money...
citigroup has had a profitable month after getting a gazillion dollars dropped in their laps?....whoda` thunk it?...
good for them....
the question i have is this: ...who is stimulating the economy?..the guy who has provided 14 people good paying jobs and serves over 2,200,000 people per year with a flourishing business? ....
or, the single mother sitting at home pregnant with her fourth child waiting for her next welfare check?...
obviously, this government feels the latter is the economic stimulus of this country....
it ain`t gonna work over the long haul,gents...eventually,they`ll run out of other people`s money...
..............................................................
line them up and shoot them in the head
or get one of Sponges ball bats and take them out to the ballpark
AT&T to add 3,000 jobs in wireless, broadband push
Communications giant to spend $17B on effort
By KRISTI E. SWARTZ
The Atlanta Journal-Constitution
Tuesday, March 10, 2009
AT&T said it will pump at least $17 billion into the company and add 3,000 jobs this year to support increased growth in its wireless, broadband and video service areas.
It is unclear how many of those jobs will be in Atlanta. While AT&T is based in Dallas, the company?s wireless unit, AT&T Mobility, and the bulk of its video services, under the name U-verse, are in Atlanta.
About two-thirds of the capital investment will go toward enhancing AT&T?s wireless and wired broadband networks. The company said last month it would beef up its high-speed wireless network, known as 3G, in metro Atlanta, Athens, Columbus, Dalton and Savannah.
The announcement comes three months after the telecommunications company ? the nation?s largest ? said it planned to cut 12,000 jobs, or 4 percent of its work force. It gave no indication whether any of the 20,000 employees in metro Atlanta would be part of those cuts.
The cuts include management and non-management jobs and will be made in many parts of the business and in nearly every geographic area, AT&T spokeswoman Dawn Benton said in December.
AT&T again said, in its announcement, that it will still cut jobs in other areas, primarily in the landline telephone side, ?due to economic pressures, a more streamlined organizational structure and continued shift among residential customers from wired voice services to wireless and broadband.?
............................................................
:00hour :00hour
GO AMERICA !
Communications giant to spend $17B on effort
By KRISTI E. SWARTZ
The Atlanta Journal-Constitution
Tuesday, March 10, 2009
AT&T said it will pump at least $17 billion into the company and add 3,000 jobs this year to support increased growth in its wireless, broadband and video service areas.
It is unclear how many of those jobs will be in Atlanta. While AT&T is based in Dallas, the company?s wireless unit, AT&T Mobility, and the bulk of its video services, under the name U-verse, are in Atlanta.
About two-thirds of the capital investment will go toward enhancing AT&T?s wireless and wired broadband networks. The company said last month it would beef up its high-speed wireless network, known as 3G, in metro Atlanta, Athens, Columbus, Dalton and Savannah.
The announcement comes three months after the telecommunications company ? the nation?s largest ? said it planned to cut 12,000 jobs, or 4 percent of its work force. It gave no indication whether any of the 20,000 employees in metro Atlanta would be part of those cuts.
The cuts include management and non-management jobs and will be made in many parts of the business and in nearly every geographic area, AT&T spokeswoman Dawn Benton said in December.
AT&T again said, in its announcement, that it will still cut jobs in other areas, primarily in the landline telephone side, ?due to economic pressures, a more streamlined organizational structure and continued shift among residential customers from wired voice services to wireless and broadband.?
............................................................
:00hour :00hour
GO AMERICA !
Dogs, my therapist said i need to be more assertive. You are un-american and a sick twisted fuck for being a puppet for a party. Ok, I feel better, going to the hospital by ambulance in a couple of minutes. Don't worry dog, I'm a responsible citizen, my paid up health insurance will not burden you, you will not pay 1 peeny extra for my health costs, now over a million. And I'll add, the 2.3 million I lost in the stock market last 4.5 years, don't worry about it you cock sucker. I'll see no bail out and never intended to see one.
As one of those a little more fortunate than some, I welcome higher taxes. You have to be an idiot, oh forgot, you are an idiot and I am fed up with you and anyone knocking a president of any side after 45 days. Shame the fuck on you and and anyone who thinks that way. I'm mad as hell over your statements and excuse the poor typing. I typed this really fast to not waste anymore time than needed by ilk like. You are disgusting!
kcwolf
it is just one day, bargain hunters, I am sure glad it went up today, it was in spite of Obama, he did not give a speech today
