Consumer confidence soared in April to its highest level since the September failure of Lehman Brothers.
The Dow soared 214 points, or 2.6%, to end at 8426.74, the highest close since Jan. 13. The blue-chip benchmark has risen 29% since closing at a 12-year low of 6547.05 on March 9.
The benchmark S&P 500 rose above 900 for the first time since early January, on bets that banks won’t have to raise as much capital as previously thought, and housing data fueled hopes that the recession is ebbing.
Hey, Joey! Didn't you say below that the S & P was "the better gauge?" Heh.
Pending sales of previously owned homes rose for a second straight month in March, while construction spending edged higher, according to reports on Monday that suggested moderation in the long housing slump.
Tangible signs of revival in the global equity capital markets took place in April, with the amount of money raised through initial public offerings, follow-on offerings and, most noticeably, convertible bonds, reaching levels not seen since mid-way through last year.
Bill Frejlich, a futures broker at Fox Investments in Chicago, said that there has been a marked change in investor sentiment.
“We’ve reached a point where the selloffs are short-lived,” he said. “Even if you get a downdraft, it lasts a week or so, then you get a new high because people are looking for entry points to the market.”We're not out of the woods yet, of course. But the people who were hoping and praying for four years of continued economic failure because it would make their party look better must be having a rough time of it.