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The DJIA was up 216.48 points or 2.8% to close at 7,978.08, and the S.&P. 500 was up 23.3 points or 2.9% at 834.38. The Nasdaq gained 3.3%, closing at 1,602.63, in the black for 2009 (amazing!).
It seems, at least for now, the negative mindset that pervaded traders' minds has vanished.
Eric Ross, director of research at brokerage Canaccord Adams said:
"Everyone is in a buying mood. Everyone is feeling good. ... A lot of this is simply confidence."
Ryan Larson, head equity trader at Voyageur Asset Management. said:
“There may be specks of light in this great sea of darkness we’ve experienced over the past few months. The market doesn’t need to see hard signs that we’ve recovered. All we need to see are signs that we’re beginning to stabilize.”
However, tomorrow the Labor Department will release statistics on job less for the entire month of March.
Posted April 2nd, 2009 by Michael Santo
