Filed under: Major movement, Exxon Mobil (XOM), Indices, Citigroup Inc. (C)
Folks on Wall Street must be pinching themselves to make sure the past 24 hours aren’t a dream.
First, the reviled Eliot Spitzer was caught up in a prostitution scandal that will probably cost him his job as governor of New York. A day later, the markets had their biggest gains in almost five years after the Federal Reserve said it would inject $200 billion into the financial markets that have been pummeled by concerns over subprime mortgage crisis.
Since good things come in threes, what’s next? A repeal of Sarbanes-Oxley, maybe an abolition of the capital gains tax? Why not abolish the IRS and SEC while you’re at it and let capitalism run free as an unregulated bird? If you are going to dream, dream big!
But getting back to today, people gobbled up stocks as if they were eating their last meals on death row. Nine stocks gained for every one that fell on the New York Stock Exchange, according to Bloomberg News, which noted that financial shares, including Citigroup Inc. (NYSE: C), had their biggest gains since January and that Exxon Mobil Corp. (NYSE: XOM) gained the most since October 2002.
Continue reading Wall Street has a dream day
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