There's been lots of good economic news in the last couple days, with positive signs that we will ward off a real depression and that the recession might be coming to an end soon.
U.S. Recession to End by September, Business Economists Say - Bloomberg.comMay 19 (Bloomberg) -- The U.S. economy will probably exit from a recession by the end of the next quarter as credit markets improve after a year of turmoil, according to a survey by the National Association for Business Economics.
Dow Watch: Bank of America, Citi Surge | The Market Update | Financial Articles & Investing News | TheStreet.comThanks to a bank-led rally Thursday, the Dow Jones Industrial Average did in fact record its fifth straight weekly gain. The index was up 246.27 points, or 3.1%, to 8083.38 during the session, giving it an increase for the week of 65.79 points, or 0.8%.
Of the 30 stocks, 26 rose, three fell, and one, Coca-Cola (KO Quote), ended flat.
Bank of America (BAC Quote) was the best performer on a percentage basis, up a staggering 35.3% at $9.55. American Express (AXP Quote) and JPMorgan Chase (JPM Quote) rose more than 19% each. Citigroup (C Quote) added 12.6%.
Wells Fargo shocks market with record profitNEW YORK (Reuters) – Wells Fargo & Co said it expects to post a record $3 billion first-quarter profit, causing its shares to soar 31.7 percent and providing a welcome jolt to the stock market and a still-troubled banking sector.
Stocks Rally on Wells Fargo News, Data - BusinessWeekU.S. stocks jumped in active trading Thursday, driven by financial stocks after Wells Fargo (WFC) projected better-than-expected first-quarter earnings.
Some surprisingly good economic data also propelled stocks higher before Easter weekend. Traders were encouraged by news that the U.S. trade deficit shrank more than expected and import prices fell. Initial jobless claims fell, but continuing claims rose to a record high.
Asia Stocks Rise on Falling U.S. Jobless Claims, Auto Upgrades - Bloomberg.comApril 10 (Bloomberg) -- Asian stocks rose to a three-month high after a drop in U.S. jobless claims boosted confidence the global recession is easing and brokerages upgraded carmakers.
Vital Signs: Spending and Housing Show Recovery - BusinessWeekSome of the most hopeful signs that the economy is beginning to stabilize come from two key areas: consumer spending and housing. This week's economic reports will provide updates on both that will help to determine if recent signs of bottoming out are for real or just a head fake.
Dollar Advances on Optimism Worst of U.S. Economic Crisis Over - Bloomberg.comApril 10 (Bloomberg) -- The dollar advanced against the euro, heading for the biggest weekly gain in three months, on speculation the worst of the financial crisis in the world’s largest economy is over.
The Dollar Index completed its largest weekly advance since November after Wells Fargo & Co.’s profit beat estimates yesterday, triggering the steepest gain on record in the Standard & Poor’s 500 Banks Index. The euro headed for its biggest weekly decline versus the yen since January on concern the European Central Bank will keep cutting interest rates to spur growth.