This brings a very nice close to this week. We had four positive days (green numbers) in a row. For the week, the S&P and NASDAQ were up 10%, the Dow was up 9.%.
Healthcare stocks were leading with merger news of several large pharmaceuticals. Banks rebounded off their lows this week when Citibank and Bank of America both released news that they have made a profit in the first two months of the year. The financial and housing recovery is key to the market recovery.
Even better news is that GM will not need another 2 Billion dollars in bailout money as their restructuring is beginning to work. So, signs of life are beginning to show, like seedlings poking up through the snow in early spring. There is still much thawing needed but maybe Spring really is around the corner.
Bernacke made a statement on Tuesday that growth may resume by year end. That would be the best present Santa could bring.
Sandy