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Stocks Rebound on Obama's First Full Day
By
Jen Chung
Published Jan 21, 2009
Modified Jan 21, 2009
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By
Jen Chung
Published Jan 21, 2009
Modified Jan 21, 2009
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After the Dow fell over 300 points yesterday, the stock market perked up a little and indexes rose over 3.5% today. The Dow closed up 300 points (+3.5%), at 8,228 points; the Nasdaq grew 4.6% and S&P 500 gained 3.7%. Atlantis Asset Management chief investment strategist Michael Cohn told CNBC the Dow would probably be bouncing between 8,000 and 9,000 points for a while, "Right now, it's just one body blow after another. Once we get through this earnings season and into February, I think the market can lift back to 9,000." Some of the market's optimism was fueled by rumors about President Obama's economic plan. As for the person to steer Obama's plan, Timothy Geithner, even Geithner-hater Jim Cramer thinks he's better than nothing.
Tagged
economy
recession
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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