DJIA In 3rd Straight Weekly Advance

Posted by Kris | Saturday, March 28, 2009 | | 0 comments »

DJIA is rally mode. Super resilient even though economic data is shabby. It all started when DJIA hit a year low and Citibank & Bank Of America started giving up good news that they will recover & profit by year end. Then all sort of plans are announced by the US govt. Tons of money will be printed and distributed into the system. 

NEW YORK (AP) -- Caution reasserted itself on Wall Street, sending stocks down sharply but not enough to stop the market from notching its third straight weekly advance.

Major indexes fell about 2 percent Friday, but most analysts agreed the pullback was a natural response to the market's powerful climb this month. Financial and technology stocks led the retreat, and energy shares fell along with the price of oil.

A dip in personal incomes and a slowdown in personal spending gave investors reason to cash in some of their winnings after the Dow Jones industrial average surged 21 percent over just 13 days. Analysts said the sentiment in the market was still more upbeat than it was a month ago, but the data were a reminder that the economy and the banking system remain troubled.

Heck, Thailand even gave its citizen "FREE MONEY" to spur the economy. 

Abhisit launched the government's latest effort to prop up the domestic economy on Thursday by handing out 2,000 baht ($56) cheques to low-income workers to supplement their income.

"We don't want people to panic because it will add to our economic woes. If you want to help the economy, eat and use Thai products and travel in the country," Abhisit told a group of workers at City Hall not far from the anti-government rally.

The cash scheme is worth about 19 billion baht and will help over 9 million low-income Thais, officials said.

Economists said it would help, in the short term at least.

"Pumping money into short-term projects to support spending in the first and second quarters is a good thing. I think it will ease the pain and will have some quick impact," economist Carl Rajoo at Forecast in Singapore said.

Anime Pic: Bleach