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May 4th, 2009
11:22 AM ET
The Dow is soaring
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/04/29/art.stock.market.jpg]
Drew Trachtenberg
Executive Producer, CNN Business News
Shortly after 11a, the Dow industrials are up nearly 200 points. The average is trading above 8400.
It has not closed that high since January 13th. For the year, the Dow is now down just 4.1%. Back on March 9th, it was down more than 25% for the year.
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The DOW is not soaring. it is 2000 points below what it was before Obama was elected to office. The market went down to about 6300 when Obam took office. It has a long way to go to reach what it was when George W. Bush was president. It was close to 10000. The Stock Market will go into a nose dive once Obama springs all his tax increases on the American people. This will include the energy tax that will cost each taxpayer aboput $3100 a year. So much for helping the poor, working and middle class.
This is nothing more than the markets talking themselves up,and the big trading houses on the ready to short the, "greater fool crowd" theory, now entering the market of their hard earned sheckles! Thursday we get the "Stress Test Results",which ain't gonna be pretty with "Four Banks" that are all washed-out,Sun Trust,Regions Financial,Key Corp,and Fifth Third Bancorp, which by the way (less than a year ago) had a acummulated market capitalization of approx. of $90-$100bn now currently valued at approx.$13.5bn.! They are chuck-full of Collaterlized Debt Obligations (CDO's),and Mortgage Backed Securities (MBS's) which are very toxic,and stagnant assets/liabilities. Whomever marks-them-to-market with rose colored glasses,or bi-focals,will have their work cut out. Treading into the markets today will surely get any novice trader snake-bit! This bird is gonna get it's wings clipped,...JMHO
I guess if Obama gets the blame when it takes a dive, he should get the credit when it soars!
That's beautiful to hear! Now let's hope it progresses even further!
Should we "BLAME" President Obama for this as well?