Wednesday, March 10, 2010

A Year After Market Hit 12-year Low

SHOOT: My response to the market jumping back is that this simply confirms its inherent instability. Double-dip here we come.
clipped from
Traders work on the floor of the New York Stock Exchange, Tuesday, March 9, 2010.
"That is the best one-year since the Depression, the best 12 months," she said on CBS' "The Early Show" this morning, also noting that the Nasdaq is up 83%, and Standard & Poors is up 68%.
"I really want to point out one thing that's a little scary: The S&P 500 is still at the same level as 1998 - we still are 27% below where we were in 2007," Schlesinger said. "So we've made a lot of ground up, but still got a ways to go."
Schlesinger said the sectors which recovered most in the last year were business services (publishing, advertising, consulting) up +210%; media business ("thankfully for us!") up 138%; and a 155% jump in financial services - "all those taxpayer-bailed out companies, the banks, the mutual fund companies, the big insurance companies," she said. "To me that's pretty amazing."
But she acknowledged that with that gain came pain, on the backs of taxpayers.
"So it sort of stinks on one hand, but we're happy a year later that things have stabilized," she said."
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