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New York - U.S. Stocks Rise as Roubini Predicts Recession to End This Year |
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After drifting for most of the session, the market picked up in late trading after Nouriel Roubini, who has remained pessimistic about the economic recovery, was quoted 
by Reuters as saying that the recession could be over by the end of the year.
The S&P 500 increased 0.7 percent to 940.49. The Dow Jones Industrial Average added 95.61 points, or 1.1 percent, to 8,711.82.
“The optimism that people are starting to embrace is that the recession may be months away from ending,” said David Goerz, who oversees $17 billion as chief investment officer at Highmark Capital Management in San Francisco. “Even the most bearish forecasters are starting to capitulate.”
Wednesday's strong rally put Wall Street in territory it hadn't seen in quite a while: the Nasdaq finished at its highest since Oct. 6, while the Dow and the Nasdaq had their biggest one-day percentage gains since April 9.
The Nasdaq is now riding a six-session winning streak during which it's gained 6.7 percent, and it now leads the major averages with a year-to-date gain of 18.1 percent.
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Jul 17, 2009 at 10:11 AM anonymous Says:
Sure the recession is in regression just look at Legg Mason and Goldman & Sachs.
Big business takes advantage of the bleak employment and loads more duties on their employees instead of hiring. Of course in view of the dismal job market employees are afraid to complain [no job is waiting] and assume more responsibilities and business avoids hiring.