Tech stocks boosted by Citigroup deal; Apple surges 12.6 percent

“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.

24 Comments

  1. And who’s in charge of the Executive Branch that oversaw the explosion of the deficit…and you can’t blame Dems in Congress, they only got the majority two years ago…

    Anyhoo, others are also crediting the popular naming of Geither and Summers as Treasury Secretary and by President-elect Obama as factors as well National Economic Council Director respectively…

    As the McCain supporters at the end of a recent South Park episode said, “maybe Obama will be all right…”

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  2. Woops! ” width=”19″ height=”19″ alt=”big surprise” style=”border:0;” /> Screwed up the middle paragraph:

    Anyhoo, others are also crediting the popular naming of Geither and Summers as Treasury Secretary and National Economic Council Director respectively by President-elect Obama as factors as well…

    That’s better…

  3. Another reason stocks were up is the word that President-elect Obama doesn’t plan to rush into office and hike taxes. The market’s thinking that maybe he’s not the ultra leftwing boogeyman depicted by the likes of McCain, Palin, Joe the Plumber and Fox News in the weeks leading up to November 5th.

  4. The US had better start selling more goods overseas to try to reduce the $10.6T in debt. A huge amount of money is made overseas by selling US media products. It is for this reason I cannot understand why US products (and associated advertising) aren’t released in the ROTW (rest of the world) at the same time as the US. This forces the ROTW to either go without (fine before instant world news), wait for local releases (6-12 months if ever) or pirate the goods (grey market or actual stealing).

    There are plenty of countries that do not have an iTunes store, or their iTunes store doesn’t have any/many movies.

    Barack’O needs to get his country selling – not internally, but externally. It is not that the US is doing badly; it is just that the rest of the world is catching up. Sell, because the customer is always right, even those outside your borders.

  5. Bob’s father’s mother’s brother’s grandson is the future Secretary of the Treasury.
    ” width=”19″ height=”19″ alt=”big surprise” style=”border:0;” />
    Now if only Bob were a bank…
    ” width=”19″ height=”19″ alt=”downer” style=”border:0;” />

  6. Dude… take some meds.

    As a die-hard conservative I completely blame congressional Republicans for the current mess we are in. They are all spoiled brat criminals. The Dems were just doing what comes naturally; spend…spend…spend. No one should be shocked at their actions.

    The Republicans, on the other hand, totally screwed the pooch.

  7. Citi news drove the market up because it was an uncertainty. Any unknowns that get solved allow the market to go up. It has been over sold. Stocks like Apple will have more upside on good days because of their cash and market share growth.

  8. @ The Obama Recession…

    And the debt went up more severely during the Reagan-Bush I years than during the Clinton years…besides, when was this graphic created? It states what the debt will “be” in 2011, so a fair chunk of it is “projections”…I have a hunch it’s a few years old and the Bush II years are projections, since the debt more than doubled under his watch..Nice try though, thanks for playing…

    Sorry if I don’t reciprocate your childish name-calling… ” width=”19″ height=”19″ alt=”oh oh” style=”border:0;” />

  9. I really wanted to stay out of this, but….

    Ottawa Mark
    If you are going to oversimplify things, why not go ahead and state that the economy was doing fine until ’06?
    Because it is irrelevant, just like your first paragraph.

    And R2, it wasn’t the right that made up the ‘tax hike boogeyman’ myth, it was Obama repeatedly stating that he was going to raise taxes that Wall St. heard.

    And T.O.R.
    It doesn’t help your argument to bring up something so disgusting as Bill Maher’s name during the dinner hour. I mean, really…..

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