In case nobody noticed....the stock market making some big comebacks lately.
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Bank of America Corp. and Citigroup Inc. both soared at least 19 percent as the U.S. Treasury said it will finance as much as $1 trillion in purchases of distressed assets. Exxon Mobil Corp. and Chevron Corp. jumped more than 6.7 percent after oil rose to an almost four-month high. The Standard & Poor’s 500 Index extended its rebound from a 12-year closing low on March 9 to 22 percent as all 10 of its main industry groups advanced.
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http://www.bloomberg.com/apps/news?p...efer=worldwide
Oil back up to $54....closing at $53/bbl. Good news for Alberta.
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HOUSTON (AP) - Oil prices topped $54 a barrel Monday, getting a boost from stock investors who seemed hopeful a new plan to resolve the nation's banking crisis would spur economic growth. Better-than-expected housing news helped too.
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http://www.breitbart.com/article.php...show_article=1
About the Dow Jones....
Quote:
NEW YORK (AP) -- Wall Street got the news it wanted on the economy's biggest problems -- banks and housing -- and celebrated by hurtling the Dow Jones industrials up nearly 500 points.
Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged about 7 percent, including the Dow, which had its biggest percentage gain since October.
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http://finance.yahoo.com/news/Stocks...-14721874.html
IMF being pessimistic.
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GENEVA, March 23 (Reuters) - The world is in a dire economic crisis, but no recovery is possible until the financial sector is cleaned up, the head of the International Monetary Fund said on Monday.
The crisis will push millions into poverty and unemployment, risking social unrest and even war, and urgent action is required, IMF Managing Director Dominique Strauss-Kahn said.
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http://www.reuters.com/article/bonds...31921620090323
You know, Krugman not looking very smart right now. But then again, this is the economy we're talking about. Could change again tomorrow.
Hopefully oil keeps rising. Back to $80/bbl.