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April 02, 2009

Markets Rally On Hope And Change To The "Mark To Market" Rule

The market is up and it didn't cost a trillion or so dollars in taxpayer money to do it either.

Financial stocks led the rally, getting a big boost after the Financial Accounting Standards Board relaxed accounting rules forcing banks to value their assets at current prices. The change should help banks reduce losses.
Another positive indicator on the economy also lifted Wall Street sentiment. Factory orders posted a large increase in February, coming on the heels of better-than-expected readings on pending home sales, manufacturing activity and auto sales the day before.

"Everyone is in a buying mood," said Eric Ross, director of research at brokerage Canaccord Adams. "Everyone is feeling good. ... A lot of this is simply confidence."

Gee, Obama is out of the country 2 days and confidence is restored! Maybe America's new "unofficial royalty" would like to take their road show on an extended tour.

Before you get too excited, while today's stock rally didn't cost a trillion in taxpayer money, the leaders of the G20 did decide to pour a trillion dollars into the IMF and the World Bank, so you know, pony up suckers.

posted by DrewM. at 11:58 AM

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Factory orders posted a large increase in February, coming on the heels of better-than-expected readings on pending home sales, manufacturing activity and auto sales the day before. "Everyone is in a buying mood," said Eric Ross, director of research at brokerage Canaccord Adams. "Everyone is feeling good. ... A lot of this is simply confidence." Gee, Obama is out of the country 2 days and confidence is restored! Maybe America's new "unofficial royalty" would like to take their road show on an extended tour. Before you get too excited, while today's stock rally didn't cost a trillion in taxpayer money, the leaders of the G20 did decide to pour a trillion dollars into the IMF and the World Bank, so you know, pony up suckers. posted by DrewM. at 11:58 AM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments Seems Legit: "How odd, I thought everyone understood that electr ..." rickb223 Gold & Silver Spot Prices [s][/b][/i][/u]: "You’d think they would’ve come up with ..." 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