"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Thursday, November 18, 2010

Daily Wrapup

Dow up 173.35 (1.57%). NASDAQ up 38.39 (1.55%). S&P 500 up 18.10 (1.54%). Not a bad day, particularly if you manage not to think about what happened the last few days. Of course, we need at least one more day like today just to make up for Tuesday's wretched performance, but let's not dwell on that right now.

Most of the credit seems to go to the GM IPO, and to the Philadelphia Fed Index. GM managed to trade something like 452 million shares today, and it managed a $0.89 premium for it's IPO buyers, even at it's low for the day. Good on you, you lucky few who managed to get the shares at the IPO. Good on you. And the Philly Fed Index was just too good to be believed. Also, if you're concerned about the PIIGS, there was good news there. Quoting from Reuters:

Ireland's central bank chief expected the country to receive tens of billions of euros in loans from European partners and the International Monetary Fund to help shore up its shattered banks and stabilize the economy.

"The fear was what would happen if Ireland were to go down, what reverberations and aftershocks we were going to see," said Paul Larson, equities strategist at Morningstar in Chicago.

"What this does is to steady that first domino."

Markets have fallen recently on concerns that unless Ireland received a bailout, problems in other heavily indebted euro zone members would spread, hindering a global recovery.

Shattered banks. Gotta love that turn of phrase.

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