Dow Jones Industrial Average Jumps 490 Points; Biggest Gain Since March 2009

  • Posted by a hidden member.
    Log in to view his profile

    Dec 01, 2011 3:34 AM GMT
    It's too bad about Obama destroying the economy... icon_lol.gif

    Associate PressDow Jones Industrial Average Jumps 490 Points

    A move by the world's central banks to lower the cost of borrowing exhilarated investors Wednesday, sending the Dow Jones industrial average soaring 490 points and easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers.

    It was the Dow's biggest gain since March 2009 and the seventh-largest of all time.

    Large U.S. banks were among the top performers, jumping as much as 11 percent. Markets in Europe surged, too, with Germany's DAX index climbing 5 percent.

    "The central banks of the world have resolved that there will not be a liquidity shortage," said David Kotok, chairman and chief investment officer of Cumberland Advisors. "And they have learned their lessons from 2008. They don't want to take small steps and do anything incrementally, but make a big bold move that is credible."

    Wednesday's action by the banks of Europe, the U.S., Britain, Canada, Japan and Switzerland represented an extraordinary coordinated effort.

    But amid the market's excitement, many doubts loomed. Some analysts cautioned that the banks did nothing to provide a permanent fix to the problems facing heavily indebted European nations such as Italy and Greece. It only buys time for political leaders.

    "It is a short-term solution," said Jack Ablin, chief investment officer at Harris Private Bank. "The bottom line on any central bank action is that it papers over the problems, buys time and in some respects takes pressure from politicians. ... If nothing's done in a week, this market gain will disappear."

    Banks stocks soared as fears about an imminent disaster in the European financial system ebbed.

    American and European banks are connected by contracts, loans and other financial entanglements, meaning that a European financial crisis would punish U.S. bank stocks. The brighter outlook that emerged Wednesday relieved some investor concerns.
  • Posted by a hidden member.
    Log in to view his profile

    Dec 01, 2011 3:47 AM GMT
    Obama has nothing to do with this. We are rebounding after last week. It makes me happy that I decided to buy last week as I made a lot of money today. We are in a very volatile market right now. The only thing you can do is buy low and sell high.
  • Posted by a hidden member.
    Log in to view his profile

    Dec 01, 2011 5:53 AM GMT
    The stock market has done better under Obama in three years than it ever did under Bush.

    So you two can suck it.
  • Posted by a hidden member.
    Log in to view his profile

    Dec 01, 2011 6:11 AM GMT
    It's all Obama's fault, right SB?

    icon_lol.gif
  • Posted by a hidden member.
    Log in to view his profile

    Dec 01, 2011 7:35 AM GMT
    Absolutely nothing to do with Obama's policies. You'll grasp at anything. Pathetic.
    http://online.wsj.com/home-page

    Central Banks Take Steps to Calm Fears - Alarmed central banks moved to ease strains in financial markets through U.S. dollar loans to European banks, cheering investors around the world.
  • josh995

    Posts: 157

    Dec 01, 2011 8:10 AM GMT
    socalfitness saidAbsolutely nothing to do with Obama's policies. You'll grasp at anything. Pathetic.
    http://online.wsj.com/home-page

    Central Banks Take Steps to Calm Fears - Alarmed central banks moved to ease strains in financial markets through U.S. dollar loans to European banks, cheering investors around the world.


    But if it the market tanked 490 points yesterday, you know damn well you would blame it on Obama.

    You right-wing gays make me laugh. icon_lol.gificon_lol.gificon_lol.gificon_lol.gif
  • Posted by a hidden member.
    Log in to view his profile

    Dec 01, 2011 9:20 AM GMT
    josh995 said
    socalfitness saidAbsolutely nothing to do with Obama's policies. You'll grasp at anything. Pathetic.
    http://online.wsj.com/home-page

    Central Banks Take Steps to Calm Fears - Alarmed central banks moved to ease strains in financial markets through U.S. dollar loans to European banks, cheering investors around the world.


    But if it the market tanked 490 points yesterday, you know damn well you would blame it on Obama.

    You right-wing gays make me laugh.

    The numbers in general result from Obama's policies only making worse what he inherited. However, daily Dow movements in either direction would be based on specific factors, as was the gain yesterday.
  • josh995

    Posts: 157

    Dec 01, 2011 9:57 AM GMT
    socalfitness said
    josh995 said
    socalfitness saidAbsolutely nothing to do with Obama's policies. You'll grasp at anything. Pathetic.
    http://online.wsj.com/home-page

    Central Banks Take Steps to Calm Fears - Alarmed central banks moved to ease strains in financial markets through U.S. dollar loans to European banks, cheering investors around the world.


    But if it the market tanked 490 points yesterday, you know damn well you would blame it on Obama.

    You right-wing gays make me laugh.

    The numbers in general result from Obama's policies only making worse what he inherited. However, daily Dow movements in either direction would be based on specific factors, as was the gain yesterday.


    lol.

    The DOW has gained far more under Obama than Bush.