"Stocks shake off jobs report to end with big gains" by Tim Paradis, AP Business Writer | December 5, 2008
NEW YORK --Wall Street put an upbeat spin Friday on the government's report that the nation lost more than half a million jobs last month. Stocks reversed early losses and closed sharply higher as the data raised hopes that Washington will again step in to help the economy.
I sense that the Plunge protection Team was in action yesterday afternoon. What, you don't think these geniuses are manipulating the market? Where have you been, reader?
The Dow Jones industrial average closed up nearly 260 points as investors' shock dissipated over the Labor Department's report that employers slashed 533,000 jobs in November.... More important, the market was able to claim a victory of sorts over the course of the week -- except for Monday's drop, stocks repeatedly overcome bleak economic data and corporate announcements....
Why does the term "insanity" crop into my head at this point?
"In a kind of paradoxical sense, the really ugly employment numbers probably helped the case for more help from Washington, whether it's through the broader stimulus plan or more targeted industry measures," said Craig Peckham, equity trading strategist at Jefferies & Co....
Gee, isn't that a RATHER STRANGE CUI BONO, 'eh?
If I didn't know better, I'd say it was being done ON PURPOSE!
Beyond the hopes for more aggressive moves by the government, strength in the tattered financial sector also gave a boost to the overall market Friday. An upbeat forecast from Hartford Financial Services Group Inc. cut through some of investors' fears that profits among financial firms would continue to spiral lower; the company raised its profit expectations for the year and quelled some concerns about the strength of its balance sheet.
Kim Caughey, equity research analyst at Fort Pitt Capital Group, said that Hartford's "bullish commentary" boosted investors' appetite for financial companies like insurers and banks....
Well, TRILLIONS in FREE CASH will DO THAT FOR YOU!! Where is YOUR BAILOUT, America?
While the deluge of bad economic readings have weighed on the markets in the past several months, investors are growing somewhat accustomed to the news. The stock market, which generally looks ahead, tends to recover six to nine months before economic reports show a recession is abating. At some point, investors likely will determine that a recession has been fully built into the market's expectations and will begin placing bets on a recovery.....
That's what the WHOLE ECONOMY comes down to, huh? A CASINO WHEEL?
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