Tuesday marked a reversal of fortune for global stock markets as investors adopted a more positive view of the prospects for the banking sector and cast aside concerns about the economy.
The movements of the major US indices over the past three days tell the story of the nascent rally: Dow Jones Industrial Index (+8.7%), S&P 500 Index (+11.0%), Nasdaq Composite Index (+12.4%) and Russell 2000 Index (+13.7%). A positive close by the end of trading today [Friday] will record only the second up-week out of 10 in 2009.
On the video front, footage was produced debating whether markets were witnessing A bottom or THE bottom and also the usual dosage of the dour outlook for economic growth and speculation about the “next penny” to drop.
Also included in this week’s compilation is a mega interview with celebrity stock endorser Warren Buffett, as well as a no-holds-barred face-to-face encounter between Jon Stewart and Jim Cramer (in three parts at the end of the post).
Bloomberg: Marc Faber says government actions will boost stocks
“Government spending will spur gains in the Standard & Poor’s 500 Index after it fell 56% from an October 2007 record, investor Marc Faber, the publisher of the Gloom, Boom & Doom report, said. ‘Equities could rally between here and the end of April,’ Faber said in an interview with Bloomberg Television. ‘The government’s efforts will fail to boost economic activity. They can boost stocks. Stocks have adjusted meaningfully.’”
Source: Bloomberg, March 9, 2009.
Charlie Rose: Barton Biggs on the stock market
Source: Charlie Rose, March 9, 2009.
Tech Ticker, Yahoo Finance: Ritholtz – get long torches & pitchforks; bailouts “absolutely asinine”
Source: Tech Ticker, Yahoo Finance, March 10, 2009.
Fox Business: Fleckenstein – not in a hurry to buy
“Bill Fleckenstein talks about the economy and why he isn’t rushing back to the market to buy.”
Source: Fox Business, March 5, 2009.
John Authers (Financial Times): China and the markets
“Should US or European stocks have sold off on the Chinese news [of poor exports]? Not necessarily. By this week, the S&P 500 had priced in much future bad news, says Authers.”
Click here for the article.
Source: John Authers, Financial Times, March 11, 2009.
CBS News: Your bank has failed – what happens next?
“What would happen if your local bank failed? Scott Pelley and ‘60 Minutes’ were given extraordinary access, as the Federal Deposit Insurance Corporation moves in to take over a failed bank in Chicago.”
Click here for the article.
Source: CBS News, March 8, 2009.
