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Wan LixinOpinion deputy editor of Shanghai Daily
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US stocks on rise at last
By Eric Martin |
February 9, 2009, Monday
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Print Edition
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UNITED States' stocks gained last week, snapping four weeks of declines, on speculation the deteriorating economy would force Congress to reach a compromise on President Barack Obama's economic stimulus package.
Intel Corp and Microsoft Corp climbed more than 14 percent as the Senate debated the president's plan to revive job growth and consumer spending. MasterCard Inc gained 20 percent and drug maker Merck & Co climbed 7.8 percent after beating earnings estimates. Stocks also rallied in anticipation of Treasury Secretary Timothy Geithner's announcement of a bailout plan for the banking industry.
"The financial rescue is key, because it's impossible to have a normally functioning economy without a functioning financial system," Bill Stone, who helps oversee about US$56 billion as chief investment strategist at PNC Wealth Management in Philadelphia, told Bloomberg News. "A lot of what was holding the market back was the performance of the financials. If you get them out of the way, you could see a decent-sized rally."
The Standard & Poor's 500 Index rose 5.2 percent to 868.6 last week, reducing its decline this year to 3.8 percent. The Dow Jones Industrial Average added 3.5 percent to 8,280.59. Stocks rallied even after the unemployment rate climbed to 7.6 percent.
The S&P 500 has climbed 15 percent from the 11-year low it reached November 20. The benchmark dropped 38 percent last year, its worst performance since the Great Depression. The S&P 500, Dow and MSCI World Index posted their steepest January losses as companies reported disappointing earnings and the US economy shrank at the fastest pace in 26 years.
Payrolls tumbled last month, with millions more Americans likely to lose their jobs before stimulus and emergency-lending programs temper the economy.
Intel Corp and Microsoft Corp climbed more than 14 percent as the Senate debated the president's plan to revive job growth and consumer spending. MasterCard Inc gained 20 percent and drug maker Merck & Co climbed 7.8 percent after beating earnings estimates. Stocks also rallied in anticipation of Treasury Secretary Timothy Geithner's announcement of a bailout plan for the banking industry.
"The financial rescue is key, because it's impossible to have a normally functioning economy without a functioning financial system," Bill Stone, who helps oversee about US$56 billion as chief investment strategist at PNC Wealth Management in Philadelphia, told Bloomberg News. "A lot of what was holding the market back was the performance of the financials. If you get them out of the way, you could see a decent-sized rally."
The Standard & Poor's 500 Index rose 5.2 percent to 868.6 last week, reducing its decline this year to 3.8 percent. The Dow Jones Industrial Average added 3.5 percent to 8,280.59. Stocks rallied even after the unemployment rate climbed to 7.6 percent.
The S&P 500 has climbed 15 percent from the 11-year low it reached November 20. The benchmark dropped 38 percent last year, its worst performance since the Great Depression. The S&P 500, Dow and MSCI World Index posted their steepest January losses as companies reported disappointing earnings and the US economy shrank at the fastest pace in 26 years.
Payrolls tumbled last month, with millions more Americans likely to lose their jobs before stimulus and emergency-lending programs temper the economy.
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