U.S. Stocks Post Biggest Two-Day Rally Since 1987 on Citigroup

[babylonsister]

U.S. Stocks Post Biggest Two-Day Rally Since 1987 on Citigroup

By Elizabeth Stanton


Nov. 24 (Bloomberg) -- U.S. stocks posted the biggest two- day rally since 1987 after the government guaranteed $306 billion of troubled Citigroup Inc. assets and lawmakers pledged to pass another economic stimulus package.

Citigroup, which lost 60 percent of its market value last week, rebounded 58 percent after the Treasury also agreed to inject $20 billion into the company. JPMorgan Chase & Co. and Bank of America Corp. jumped more than 21 percent, catapulting the Standard & Poor’s 500 Financials Index to a record gain, as the government rescue boosted confidence in the banking system. Home Depot Inc. and General Electric Co. climbed more than 8 percent on speculation the stimulus will spur economic growth.

The S&P 500 surged 6.5 percent to 851.81, capping a two-day gain of more than 13 percent. The Dow Jones Industrial Average climbed 396.97 points, or 4.9 percent, to 8,443.39. The Nasdaq Composite rose 6.3 percent to 1,472.02. Europe’s Dow Jones Stoxx 600 climbed 8.4 percent, while the MSCI Asia Pacific Index slipped 0.7 percent.

“Job one is to continue to repair the psychology of this market, and the bailout or the help for Citigroup is an important part of that puzzle,” James Dunigan, managing executive for investments at PNC Wealth Management in Philadelphia, said on Bloomberg Television. PNC Wealth Management oversees $63 billion.

more...

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVv6DTKURp_E&refer=worldwide

[texastoast]

1. Well, yeah, the bastids

want that taxpayer money.

Nice little gift. Where's my bailout?

[OhioChick]

2. Here's where yours is going...

Citigroup to hire 1,000 workers in Philippines

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x404517

[LonePirate]

3. This positive economic news is sorely needed

Stock market performance is a key component of consumer confidence so this big two day gain is good news, even given the cost of the Citi bailout. Hopefully the market has hit bottom and we're now at the onset of a recovery.

[fascisthunter]

4. That Happens When Wall Street Knows American Tax Payers are Footing the Bill

so happy for the wealthy class... what would we little people do without them? I'm so happy, I think I'll send that percentage I pay in taxes directly to the wealthy.