New York – Stocks made a second attempt at a rally Wednesday afternoon after two reports showed the pace of layoffs is beginning to slow.
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Outplacement firm Challenger, Gray & Christmas said planned layoffs in April fell to 132,590, while ADP said private employment decreased by 491,000 in April. Both were better than market expectations and provided further evidence that the economic decline was beginning to ebb.
“[T]he dynamic is shifting from expecting Armageddon to expecting an improving world,” Tony Crescenzi of Miller Tabak wrote in a note to clients.
Despite bad news about the future of banks following a report that showed Bank of America needs around $34 billion in fresh capital, The market closed up more than 100 points to close above 8,500
bli ayin hara…poo poo poo!
Everyone who was blaming Obama for the decline has to now give him credit for the improvement!