Finally, a small sign that the pouring rain that’s been pounding our economy might actually give way to a bit of sunshine.
Yesterday the market rallied. The Dow Jones industrial average gained 391.47 points, or 3.19 percent. The Standard & Poor’s 500 Index rose 47.48 points, or 3.59 percent. The Nasdaq Composite Index jumped 83.65 points, or 3.67 percent.
Bank stocks, including those of JPMorgan Chase, Bank of America and Citibank surged upward, sparking optimism that the worst of the credit mess might be over.
Also sparking optimism are stellar earnings from companies like Best Buy and labor market reports from ADP (a leading payroll processing company). ADP reported that private-sector employers created 8,000 new jobs in March. This report is causing some to speculate that the labor market may be in better shape than we thought (I want to believe, but I’ll hold out until Friday’s Department of Labor report).
Could we be on our way back to sunny pre-mortgage/credit mess skies?
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