it's over... everything is back to normal!!! - Dallas Dance Music - Dallas nightlife, music, tickets, and more

Deff Gordon · 03-23-09, 04:44 PM

http://news.yahoo.com/s/ap/20090323/...re/wall_street

Stocks surge on bank plan, rise in home sales

NEW YORK – Wall Street got the news it wanted on the economy's biggest problems — banks and housing — and responded with a rally that hurtled the Dow Jones industrials up nearly 500 points.

Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow.

The Treasury Department's bad asset cleanup program would tap money from the government's $700 billion financial rescue fund and involve help from the Federal Reserve, the Federal Deposit Insurance Corp. and the participation of private investors.

The government's announcement was what the market had waited weeks to hear. Treasury Secretary Timothy Geithner had announced an outline of the program last month but provided few details then about how it would work, leading to a plunge on Wall Street that sliced 380 points from the Dow.

Meanwhile, the National Association of Realtors' existing home sales report was overwhelmingly positive for the market although it showed a decline in home prices in February. Investors are embracing any sign that a glut in homes for sale may be easing. Monday's data followed a dose of good housing news last week as housing starts for February came in much better than expected.

Collapsing home prices and the damage they have caused banks are at the center of the economy's current problems and are a major focus for the stock market. Banks have sharply curbed lending after becoming weighed down with loans that have gone bad, especially mortgages.

Investors had been largely disappointed in the government's efforts to date to restore the banks to health, but finally seemed encouraged by the long-awaited announcement Monday of details for the government's bad loan cleanup plan.

"The actions that we're getting from a policy standpoint are very helpful in removing the sand from the gears," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "That is going to be good for the financials."

The plan seeks to draw in private investors, including big hedge funds, to participate by offering billions of dollars in low-interest loans to finance the purchases. The government will share the risks if the assets fall further in price.

Shares of the country's largest banks, which have been pounded in recent weeks over concerns about their ability to weather the crisis, soared on Monday. Citigroup Inc. jumped 19.5 percent, and Bank of America Corp. added 26 percent.

Even banks seen as being on better footing posted big advances. JPMorgan Chase & Co. rose 25 percent, while Wells Fargo & Co. rose 24 percent.

According to preliminary calculations, the Dow rose 497.48, or 6.8 percent, to 7,775.86. That was the biggest point gain for the blue chips in more than four months.

Broader stock indicators also surged. The Standard & Poor's 500 index rose 54.38, or 7.1 percent, to 822.92, crossing the psychological milepost of 800. The Nasdaq composite index rose 98.50, or 6.8 percent, to 1,555.77.

The Russell 2000 index of smaller companies rose 33.61, or 8.4 percent, to 433.72.

More than 10 stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.9 billion shares.

Darren Afrika-ka-ka · 03-23-09, 05:10 PM

yippeeeee

zerojunkie · 03-23-09, 06:13 PM

Lol, fucking love how ADD and irrational the markets are sometimes. Two weeks of gains people, it's all over, we're good.

BigBallinColin · 03-23-09, 06:13 PM

time to invest everything.

djetaine · 03-23-09, 06:22 PM

sweet, pulling my life savings out of the mattress and putting it all back into AIG now!

PETA · 03-23-09, 06:25 PM

woohoooo hookers and blow for everyone!!!!

GLopez · 03-23-09, 06:46 PM

Time for everyone to start charging again!

universol · 03-23-09, 07:12 PM

Does this mean we don't have to do free gigs anymore?

Blake · 03-23-09, 08:18 PM

thank god obama fixed it

Funkenstein · 03-23-09, 08:25 PM

Quote:

Originally Posted by Blake

thank god obama fixed it

Now you want to say thank you.

I see how it is.

C-fer · 03-23-09, 08:32 PM

Quote:

Originally Posted by universol

Does this mean we don't have to pay for gigs anymore?

Fixed

Dionysos · 03-23-09, 10:14 PM

My Scottrade account was very happy today.

BradH · 03-23-09, 10:20 PM

fuck yeah i just bought 2 houses!

vinnie97 · 03-24-09, 02:55 AM

Yea, hooray, money officially grows on trees now. You might want to hold the premature celebration festivities...tax day hasn't even come (or gone) yet.

Dionysos · 03-24-09, 06:13 PM

Quote:

Originally Posted by vinnie97

Yea, hooray, money officially grows on trees now. You might want to hold the premature celebration festivities...tax day hasn't even come (or gone) yet.

It has if you've already filed them, which I have.

03-23-09, 04:44 PM	#1 (permalink)
Deff Gordon ipodfood.com Join Date: Apr 2001 Location: North Dallas Posts: 21,530	it's over... everything is back to normal!!! http://news.yahoo.com/s/ap/20090323/...re/wall_street Stocks surge on bank plan, rise in home sales NEW YORK – Wall Street got the news it wanted on the economy's biggest problems — banks and housing — and responded with a rally that hurtled the Dow Jones industrials up nearly 500 points. Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow. The Treasury Department's bad asset cleanup program would tap money from the government's $700 billion financial rescue fund and involve help from the Federal Reserve, the Federal Deposit Insurance Corp. and the participation of private investors. The government's announcement was what the market had waited weeks to hear. Treasury Secretary Timothy Geithner had announced an outline of the program last month but provided few details then about how it would work, leading to a plunge on Wall Street that sliced 380 points from the Dow. Meanwhile, the National Association of Realtors' existing home sales report was overwhelmingly positive for the market although it showed a decline in home prices in February. Investors are embracing any sign that a glut in homes for sale may be easing. Monday's data followed a dose of good housing news last week as housing starts for February came in much better than expected. Collapsing home prices and the damage they have caused banks are at the center of the economy's current problems and are a major focus for the stock market. Banks have sharply curbed lending after becoming weighed down with loans that have gone bad, especially mortgages. Investors had been largely disappointed in the government's efforts to date to restore the banks to health, but finally seemed encouraged by the long-awaited announcement Monday of details for the government's bad loan cleanup plan. "The actions that we're getting from a policy standpoint are very helpful in removing the sand from the gears," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "That is going to be good for the financials." The plan seeks to draw in private investors, including big hedge funds, to participate by offering billions of dollars in low-interest loans to finance the purchases. The government will share the risks if the assets fall further in price. Shares of the country's largest banks, which have been pounded in recent weeks over concerns about their ability to weather the crisis, soared on Monday. Citigroup Inc. jumped 19.5 percent, and Bank of America Corp. added 26 percent. Even banks seen as being on better footing posted big advances. JPMorgan Chase & Co. rose 25 percent, while Wells Fargo & Co. rose 24 percent. According to preliminary calculations, the Dow rose 497.48, or 6.8 percent, to 7,775.86. That was the biggest point gain for the blue chips in more than four months. Broader stock indicators also surged. The Standard & Poor's 500 index rose 54.38, or 7.1 percent, to 822.92, crossing the psychological milepost of 800. The Nasdaq composite index rose 98.50, or 6.8 percent, to 1,555.77. The Russell 2000 index of smaller companies rose 33.61, or 8.4 percent, to 433.72. More than 10 stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.9 billion shares. __________________ free music @ iPodFood.com upload your music/dj sets here for possible inclusion on edgeclub & iPodFood

03-23-09, 05:10 PM	#2 (permalink)
Darren Afrika-ka-ka Darren Afrika Join Date: Feb 2004 Location: Afrika ka ka ka ka ka ka ka Posts: 6,777	Re: it's over... everything is back to normal!!! yippeeeee __________________ www.myspace.com/foreignindulgence1 www.myspace.com/darrenafrika Labels on - Reticent Rec,Runt Rec,Flexual Rec,Music Taste Rec,D'am Good Rec,Mover Music Digital,Inrichment rec's,Banging Grooves rec Nov 27 - Designer Drugs,Volts United @ Lizard Lounge Nov 28 - Mega Buzz - Austin Dec 4 - Proper Villains,Ocelot @ Lizard Lounge - Dallas Dec 12 - Clubhouse - Dallas Dec 26 -TBA - S Fran Jan 15 - TBA - Lizard Lounge Feb 5 - LA RIOTS @ REPUBLICA-Austin Feb 6 - LA RIOTS @ Lizard Lounge-Dallas

03-23-09, 06:13 PM	#3 (permalink)
zerojunkie Join Date: Aug 2002 Location: dallas Posts: 2,849	Re: it's over... everything is back to normal!!! Lol, fucking love how ADD and irrational the markets are sometimes. Two weeks of gains people, it's all over, we're good. __________________ I'm in the mood to chop yr. fucking hands off. - Hunter S. Thompson Progress isn't made by early risers. It's made by lazy men trying to find easier ways to do something. - Robert Heinlein

03-23-09, 06:13 PM	#4 (permalink)
BigBallinColin motherfucking out son! Join Date: Feb 2002 Location: green point Posts: 8,469 Blog Entries: 2	Re: it's over... everything is back to normal!!! time to invest everything. __________________ BATTLETECH 6.0 @ The Cavern tuesday is back bitches! http://www.soundlift.com/bigballincolin's support local drum&bass

03-23-09, 06:25 PM	#6 (permalink)
PETA an apparition Join Date: Jun 2005 Posts: 38,627	Re: it's over... everything is back to normal!!! woohoooo hookers and blow for everyone!!!!

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03-23-09, 06:46 PM	#7 (permalink)
GLopez Join Date: Jan 2004 Posts: 11,467	Re: it's over... everything is back to normal!!! Time for everyone to start charging again! __________________ I'm just going for the music..

03-23-09, 07:12 PM	#8 (permalink)
universol Join Date: May 2007 Posts: 987	Re: it's over... everything is back to normal!!! Does this mean we don't have to do free gigs anymore? __________________ 12-11-09 d Alice in Whomperland www.myspace.com/tribal_elements www.tribalelements.net Get Rooted in the Underground

03-24-09, 02:55 AM	#14 (permalink)
vinnie97 Join Date: Aug 2001 Posts: 1,054	Re: it's over... everything is back to normal!!! Yea, hooray, money officially grows on trees now. You might want to hold the premature celebration festivities...tax day hasn't even come (or gone) yet.

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