New York - U.S. Stocks Rally on Greece Hopes |
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News Source: CNBC
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New York - Stocks closed broadly higher on optimism that help was on the way for Greece to deal with its heavy debt burden.
European Union aid for Greece would address a key issue that has bedeviled the market lately, specifically whether Greece would succumb under the weight of staggering costs associated with its finances.
Stocks had been holding around 1 percent gains for the session but staged a powerful surge as speculation swirled over the sovereign debt issue. The rally came after a late-day selloff Monday that sent the Dow to a sub-10,000 close for the first time since November.
“Certainly it’s a step in the right direction. A lot of the selloff was due to concerns about the sovereign debt,” said Todd Salamone, senior vice president of research at Schaeffer’s Investment Research in Cincinnati. “Now there’s a potential solution in the works. That would at least buy time with the situation.”
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1
Feb 09, 2010 at 09:36 PM PMO Says:Report as Inappropriate
But wait... yesterday afternoon everyone was blaming Obama for the dip.... LOL
When the market was skyrocketing off its lows and those of us with enough sense to put money in the market made a KILLING, that was not Obama's doing.
People need to realize that we live in a global economy. When China hits a rough patch, it impacts everything. When the UK hits economic trouble, we feel it. That is how the free market works. Real Conservatives understand and welcome the free market (both the good and the bad).... phonies just look for scapegoats.
Armchair economists who have no clue what drives the market will make fools of themselves everyday.
2
Feb 09, 2010 at 10:13 PM Charlie Hall Says:Report as Inappropriate
“ But wait... yesterday afternoon everyone was blaming Obama for the dip.... LOL
When the market was skyrocketing off its lows and those of us with enough sense to put money in the market made a KILLING, that was not Obama's doing.
People need to realize that we live in a global economy. When China hits a rough patch, it impacts everything. When the UK hits economic trouble, we feel it. That is how the free market works. Real Conservatives understand and welcome the free market (both the good and the bad).... phonies just look for scapegoats.
Armchair economists who have no clue what drives the market will make fools of themselves everyday. ”
I'm sure someone will figure out a way to blame Obama for the stock market rise.
You are correct, though, that we are all interdependent. Greece, a small country, threatened all of Europe and indirectly North America not militarily (Greece is a NATO ally) but by fiscal mismanagement (mostly by the previous government).