New York – Stocks rallied to their highest closes since November Monday following encouraging economic reports from the U.S. and abroad and following news that auto sales got a boost from the “Cash for Clunkers” program.
Subscribe to our Daily Roundup Email
The S&P 500 gained 1.4 percent to close at 1,001, the first time the S&P has closed above 1,000 since Nov. 5.
The Dow rose 1.3 percent to close at 9,286, while the Nasdaq gained 1.5 percent to close at 2,008.
Manufacturing is down.
Business credit is down.
Business bankruptcies are soaring.
Employment is in the toilet.
The big bank/investment companies that got is in this mess (Citi, Morgan, Goldmann *spit* Sachs and a couple others) are paying out more in bonuses than they made in net revenue.
But the stock market is up.
It’s a bubble inflated by speculation and fattened on taxpayer money.
Expect a crash in the next couple months.