June 1st, 2009
02:05 PM ET

Market bounce

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/03/23/art.happy.trader.jpg.jpg]

Ali Velshi | Bio
CNN Chief Business Correspondent

Despite the 4th biggest bankruptcy in US history, and the largest industrial bankruptcy ever, markets are up strongly.

The Dow started 2009 at 8776.39. It is close to that level now, nearly erasing ALL of this year's losses for the first time this year.

The S&P 500, which started the year at 903.25, is well above that level (although it has been on the plus side previously this year).

Filed under: 360° Radar • Ali Velshi • Wall St.
soundoff (6 Responses)
  1. earle,florida

    Ali, "this is off-topic" ,but concerns TARP recipients paying back the money borrowed. JP Morgan Chase has asked the treasury to settle it's debt (approx. $5bn). If the treasury says no,and for good reasons,being that they as (US Government/Treasury) owners have the right to look at their off-shore accounts to see if there's tax evasion,or malfeasance? PS Your aware that JP Morgan Chase is now the largest bank in the country,going from the third spot to #1 in six months! So much for to big to fail,... Thanks

    June 1, 2009 at 4:14 pm |
  2. JC- Los Angeles

    I guess the market thinks America is better off going out of business as opposed to continuing to operate under failed leadership and flawed business plans.

    With great thanks to all the failed leaders on Capitol Hill and Wall Street, the market should really take off once our fall mirrors the collapse of the Soviet Union.

    June 1, 2009 at 3:32 pm |
  3. Mike in NYC

    Income rose more than spending, so consumers are still saving. They'll have to take their hands out of their pockets before a recovery becomes "official."

    Barclays just did a survey of their foreign exchange investors, in which only 18% thought risky assets had further to rise. There’s plenty of money still sitting on the sidelines. 69 per cent thought that the path of the global economy will be either “U-shaped” (slow recovery) or “W-shaped” (another downturn in the works), and 60% opined that this is still a bear market rally.

    I agree with SLM. Ali does come off as a bit of a cheerleader.

    June 1, 2009 at 3:16 pm |
  4. na2

    SLM, do you like being negative..maybe its a sign to come..how about a bit of optimism..

    June 1, 2009 at 3:05 pm |
  5. SLM

    Liberals don't care, most of them don't have a 401K. why should they save for their future when Obama will take care of them. They seem to think 401K's are for "Rich" people and they deserve to lose their money. Obama policy is to punish the responsible to enable the irresponsible.

    June 1, 2009 at 2:17 pm |
  6. SLM

    The market won't be considered "recovered" until it reaches the point our 401K's have the value they had before this mess. Until that point, this daily hype is a waste of time. Next in the News Obama will be delcaring the econonmy recovered cause the market went up!!

    June 1, 2009 at 2:14 pm |