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Post by OldHippieDude on Oct 10, 2013 17:52:43 GMT -5
Wall Street rallies as threat of U.S. default eases The stock market soared Thursday after Republican leaders and President Barack Obama finally seemed willing to end a 10-day budget standoff that has threatened to leave the U.S. unable to pay its bills. Photos The surge in stocks lifted the Dow Jones industrial average more than 300 points in the afternoon and injected some calm into the frazzled market for short-term government debt. Republican leaders said Thursday that they would vote to extend the government�s borrowing authority. A spokesman for Obama said the president would "likely" sign a bill to increase the nation�s ability to borrow money so it can continue paying its bills. "Congressmen and women are coming to terms with how calamitous it would be if the debt ceiling was not raised," said Joseph Tanious, Global Market Strategist for J.P. Morgan Asset Management. "Cooler heads are prevailing." The Dow rose as much as 310 points, or 2 percent, to 15,113 in late afternoon trading. The surge broke a three-week funk in the market. Stocks have steadily declined since mid-September as Washington�s gridlock got investors worried that the U.S. could default on its debt and wreak havoc on financial markets. As of Wednesday, the Standard & Poor�s 500 index had fallen 4 percent from its all-time high of 1,725 reached on Sept. 18. Read More
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Post by Sauerkraut on Oct 18, 2013 13:50:35 GMT -5
It's really just a hollow rally- there is no basis for a strong economic rally. The market is a house of cards as fast as it went up it can collapse.
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Post by Maxx on Oct 19, 2013 1:26:23 GMT -5
It's really just a hollow rally- there is no basis for a strong economic rally. The market is a house of cards as fast as it went up it can collapse. This message has been sponsored by MIA, Morons In America...
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Post by OldHippieDude on Oct 19, 2013 22:36:43 GMT -5
I went against my better judgment and invested heavily in .999% silver bullion. I very nearly put all my eggs in one basket. I did my homework. I 'bought in' at $19.00-$21.00 Ounce, several years ago. Speculation was that China was going to open the market for their commoners to buy, for the first time and prices should soar because of the extraordinary demand. The price went up as expected, but the increase, nearly double, was short-lived. I was selling off in small amounts at about $42.00-$44.00 when the price began plummeting. Now I'm sitting on the bulk of it with Friday's close at $21.95, albeit a slightly upward trend. I still sell a small amount, mostly numismatic valued "coin silver" aka "junk silver," (90%) from my online store, but I'm having to be very creative to realize any profit. At auction, I do well to break even sometimes. Fortunately I have a great coin collection of uncirculated, pre-1965 silver coins, and rarer, older pieces. The recent partial shutdown has had a ripple effect all the way down to me and my business. It's been slow! My second wife and I both lost money with our 401Ks. Looks like precious metals isn't a safe bet anymore, either. I may have to go to an Arts & Crafts school and learn to become a master silversmith. So much for my golden Silvery years. Peace, OHD
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