Finally, NObama shut his pie hole long enough to let Wall Street have it's say. With no speeches about how bad shit is coming from our not-so-illustrious President, Wall Street signaled that just MAYBE he and his vision of change is the problem, not the cure for our economic woes. The Dow Industrials soared 5.8%, or $379.44, to end at $6926.49. Not to be outdone, the Nasdaq climbed an even higher 7.07%, or $89.64, to end at $1358.28.
In reality, some of the credit for today's rise in the markets has to go to Citigroup. They are looking for over $8 Billion in profit for the 1st quarter this year. HMMMMMM, and they needed HOW much of our bailout dollars? Maybe they can start repaying us already? Yeah right! Like that is going to happen.
In a letter to employees Monday, Citi Chief Executive Vikram Pandit said the performance this year has been the bank's best since the third quarter of 2007 -- the last time it booked a profit for a full quarter. Based on historical revenue and expense rates, Citi's projected earnings before taxes and one-time charges would be about $8.3 billion for the full quarter.
Pandit declined to say how large credit losses and other one-time items have been that would at least partially offset profit.
Citi surged 38 percent while Bank of America Corp. jumped 27.7 percent. The stocks are among the 30 that make up the Dow. All the components of the index climbed Tuesday.
Here's a link to the rest of the article about Citigroup. Let's hope this is just the first of a long list of good news to come! I'm sure it will take quite a bit of time, but at least this is a good start. Watch for prices to give back at least 1/3 of the rise tomorrow, more than that if NObama opens his pie hole about the economy again.
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