“Technology stocks got a strong boost Monday on a broad market upswing as investors cheered the announcement of a massive plan to prevent a collapse of Citigroup,” Dan Gallagher reports for MarketWatch. “The U.S. government agreed to invest an additional $20 billion in Citi and provide another $306 billion in loan guarantees.”
MacDailyNews Take: One question: When does the U.S government run out of money? Oh, that’s right, it already has – long, long ago. As of Nov. 24, 2008 at 10:01:45pm GMT the U.S. debt stands at $10,667,243,526,081.49. That’s $10.6+ trillion. With a “T.” So, really, what’s another $20 billion “investment” and another $306 billion in “loan guarantees?”
Gallagher continues, “The news spurred the overall market, pushing the Dow Jones Industrial Average nearly 400 points higher [and] The Nasdaq Composite Index jumped more than 6% to close at 1,472.”
“Apple (AAPL: $92.95, +10.37, +12.6%) rose more than 12% while International Business Machines Corp. gained more than 6%… Microsoft Corp. rose more than 5% while Oracle Corp. gained more than 1%. Cisco Systems rose more than 8%, while chipmaker Intel Corp. gained more than 3% and AMD Inc. finished more than 2% higher,” Gallagher reports.
Full article here.