Dow 11,000
New York Magazine: The Dow Closed At 11005.97 Today!
Today, the Dow Jones Industrial Average closed above 11000 for the first time since September 2008. Who's afraid to say the recession's over, now? Oh, still everyone.
I'm still skeptical, too, although I suspect that the NBER will call the recession over back in July-September of last year. They won't announce it until the end of this year, just to make sure the economy doesn't fall back into a double-dip recession.
As for the stock market, my reaction is best summed up by this comment I made to Daily Kos last August, when I replied to someone calling this rally a dead cat bounce.
Dead cat bounces don't go for 5 months. Now, the mother of all sucker rallies, that's another thing altogether.
Of course, not even the mother of all sucker rallies goes on for 13 months and goes up 4500 points.
Today, the Dow Jones Industrial Average closed above 11000 for the first time since September 2008. Who's afraid to say the recession's over, now? Oh, still everyone.
I'm still skeptical, too, although I suspect that the NBER will call the recession over back in July-September of last year. They won't announce it until the end of this year, just to make sure the economy doesn't fall back into a double-dip recession.
As for the stock market, my reaction is best summed up by this comment I made to Daily Kos last August, when I replied to someone calling this rally a dead cat bounce.
Dead cat bounces don't go for 5 months. Now, the mother of all sucker rallies, that's another thing altogether.
Of course, not even the mother of all sucker rallies goes on for 13 months and goes up 4500 points.