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Posts Tagged ‘Stock Market’

The Dow climbed 5.8% today, closing at 6926.49, joined by gains in both the Nasdaq and S&P 500 markets. This is the biggest one day bounce in over three months. If you bought Citigroup (C) at yesterday’s close of $0.97, hurray for you – now go celebrate with a Twinkie or cup of Starbucks coffee (they rose almost 10.5% today). Citigroup rose over 38% to close at $1.45. The rise was fairly broad, with gains in a large amount of sectors. D R Horton (DHI), the home building company, rose about 14.6%, and Best Buy (BBY) closed 13.5% up to $28.07.

Meanwhile, one of the banks largest problems, Mark-to-Market accounting rules, is staying in place according to the SEC.

Of course, if you bought Citigroup last year at $20 thinking it was a bargain…you might just want to hold off on the Twinkie…you probably need the money.

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The Dow Jones Industrial Average just closed down 281 points today to a new low of 6594.44 (CNBC entry here). This is just about half it’s May 19, 2008 high of 13,136.39. This represents trillions of dollars that have been lost in the market (although I have no idea how to compute the exact value). Just yesterday, I was commenting to friends that every time Obama speaks, the market tanks. We actually watched it happen in real time.

Thanks Obooboo…thanks a lot. Perhaps someone out there still has hope, but most of us only have change left.

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