“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.
Just wait a few days….they will all go back down
Apple surges 12.6 percent? Who cares? Daredevil’s on HBO tomorrow!!! Yipeeee!!!
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Does this mean the market is snappier?
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…”
Woops!
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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…
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.
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.
Bob’s father’s mother’s brother’s grandson is the future Secretary of the Treasury.
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Now if only Bob were a bank…
Most of that debt was there the day Clinton left office, you lying, delusional pinko commie lib bastards:
Lay off sucking Bill Maher’s cock for a second and maybe you’ll be able to think straight.
One question: When does the U.S government run out of money?
Another question: What does Citigroup have to do with Apple?
Do all Citi employees get iPhones now or something?
Another question: What does Citigroup have to do with Apple?
I meant in the sense of Apple’s nice stock gain being driven by Citi news…
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.
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.
@ 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…
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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…..
@TT
Obama said repeatedly that he would *lower* taxes for 95% of Americans… keep an eye out for non-FoxNews ok?
@Ottawa,
Well, let’s put it this way, I worked for Bob Rubin at Goldman, and it was under his watch at Treasury, when the Glass-Steagall Act, separating commercial and investment banks, was truly gutted. Commercial banks like Citi were now able to get involved in riskier and more profitable businesses. Look at what happened to Citi. Bob has only himself to blame. You can look up which President he worked for.
Speaking of which, housing loan requirements were relaxed by Henry Cisneros, head of HUD, which led to easier lending requirements to promote home ownership to more people. You can look up what President he worked for to.
These macro issues, take years to occur. What happens under one President, the seeds are usually sown in previous Presidencies. You do remember under which Presidency the internet bubble occurred, and who takes credit for creating all those temporary internet jobs, don’t you?
poo
figure it out for yourself.
1) You can’t cut taxes on 95% of Americans. There aren’t that many that pay taxes. Half of those receive a ‘refund’ after paying nothing.
2) The 5% that the taxes would be raised on is a myth. He said for income over $250.00. These are the people who drive the economy through investing, buying, and running small businesses.
3) He has since stated that to raise taxes could slow the economy more. Duh!
And don’t insult a news junkie about Fox News.
That shows complete ignorance of the truth.
Do you get all of your news from one source?
Why would you think anyone does?
“Does this mean the market is snappier?”
Its stability is much improved.
Geez guys the election is over…..let it go. Blame Obama AFTER he does something not before.
Although I suspect he had something to do with the Islanders beating the Canadiens tonight….dammit.
Given that some 40% of those with income don’t pay *any* federal income tax, it’s impossible to reduce taxes on 95%. The former are eligible for Earned Income Tax Credits. It’s not quite welfare, because it goes to the “working poor”. What Obama proposes to do is raise taxes on the upper 5% and “spread the wealth” to those on the bottom. It’s not unfair to call that socialism.
What few know is that for several years, EITC data was stored on one of the few Apple XServe/XRaid setups in the agency. The guys in Research were looking for a good, inexpensive platform to store lots of data. I just pushed them in the right direction.
Buster
I didn’t see where anyone blamed Obama for anything in this thread.
As far as I’m concerned, he deserves a chance.
I believe it was Ottawa Mark that started placing blame.
You know how them Canucks are…..
@OttawaMark
“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…”
The root of the mortgage bubble was the the Clinton administration’s politically motivated effort in the 1990s to use Fannie Mae and Freddie Mac to expand home ownership. When the bubble burst, it took pretty much all financial sector with it. Lots of leftists are ignorant of this because they simply want to blame Bush rather than seeing a president of their own leaning caused the bubble.
@Buster
“Blame Obama AFTER he does something not before.”
Corollarily, let’s not praise him and compare him to Lincoln or FDR BEFORE he does something. BTW, can I blame him for his campaign turning off AVS for accepting donations? Can I blame him for lying about not voting No to the bill to give babies surviving late-term abortion medical rights? Can I blame him for praising Khalidi in an anti-Semitic going away party? They were done already.
I should have listened to Laura Goodman.