[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/10/13/art.nyse.up900.jpg]Susan Lisovicz | Bio
CNN Financial Correspondent
Maybe we can finally go back to drinking gin and doing the Charleston. After all, too many market reports that included words like “crash” and “Great Depression,” the bulls stampeded back onto Wall Street and partied like it was 1929.
Did things really change that much since the worst week ever for the Dow Industrials? Well, yes - and no. European leaders said they would guarantee bank debt in another unprecedented effort to free up frozen credit markets. Great Britain said it would spend tens of billions to bail out three of its major banks. The Federal Reserve said it would make available unlimited amounts of money to support three European central banks. “They brought out the heavy artillery,“ said one analyst. And we haven’t even heard from the U.S. Treasury Department and the billions more it’s going to throw down.
But that’s only part of the story. “It was the buying opportunity of a lifetime,” said one trader. So, after dipping below 8,000 on its eighth consecutive sell off Friday… the Dow rocketed well over 9300 Monday. The only fear in the marketplace on this day was the fear of being left out. Morgan Stanley shares soared 87%. But it was still only $18 a share… a third of its 52-week high. G.M. jumped 33%. It’s trading at $6.50, where it was oh, about half a century ago.
So, bottoms up. But given the economy’s shape, there’s a lot of debate as to whether this signifies the market’s bottom.
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