U.S. Stocks Rise Biggest Four Day Rally Since 1933
By Barry Ritholtz - November 26th, 2008, 9:55PM
U.S. stocks gained, driving the Standard & Poor’s 500 Index to the steepest four-day surge since 1933, as a rally in oil prices lifted energy shares and investors speculated President-elect Barack Obama’s economic team will bolster growth. Bloomberg’s Cris Valerio reports.
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Running time 02:15
Source:
US. Stocks Rise, S&P Gains Most in Four Days Since 1933: Video
Bloomberg, Nov. 26
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a4NcuQO8Y804
November 26th, 2008 at 10:10 pm
Amazing how the comparisons to 32/33 just keep rolling in.
However, impressive as it looks we’re not even back to the “Obama rally” levels of early November, which were after the October “crash”, which was after an entire year of downtrend. We have a long way to go.
I don’t know whether the dow will be at 5,000 or 15,000 but one day this will all be over. The market will seem so boring when a 100 point moving in either direction is back to being a “big day”.
Looking forward, I wonder where our growth will come from without artificial growth via leverage. Technology? It will be a long time before the average citizen in the world’s most populous countries has a wireless phone, internet and a decent computer. Medical technology? Obama’s plan to develop alternative energy then sell it to the rest of the world? Or, something that hasn’t even been invented yet … something as much of a game changer as the transistor and the internet were.
Things to ponder over a slow weekend and a long drive to visit family. Have a good holiday everyone and thanks for this blog BR!
November 26th, 2008 at 11:02 pm
I think this thing has got more legs than an arachnid.
The fear has subsided. With Ted and Libor back to earth, and Citi saved again, and Iceland out of the news (whatever happened to those countries who were on the verge of default a few weeks ago – all fixed now?), no freefall in confidence about BAC and JPM (for now anyway), deflation fears buried under an avalanche of new dollars, the economic news about as bad as it can get yet the sky hasn’t fallen, and Obama and his band of merry economic repairmen spreading good tidings all over the tube, how can stocks drop any further now? So yipee! It’s all up from here!
But what happened to the stories I kept hearing a couple weeks ago about expected bank cash flow problems at year end? Did that get resolved? I really don’t know what it was all about. But I wonder, if it’s still a problem, which will win out, the Santa Claus rally, year-end tax selling, or the bank cash flow problem? Anybody have an idea?
November 26th, 2008 at 11:22 pm
Take those profits. Other people will.
I’m holding my gold miner shares even though I expect them to correct soon. They are a long term strategic idea. I see economic conditions worsening further in the near future and central bank fiddling being supportive of gold.