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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (45183)	12/3/2008 7:16:17 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71912

Business News Bulletin Stocks Close Up, Despite Economic News Camilla Webster, 12.03.08, 05:55 PM EST This is a transcript of the Market Update: Close video report. A topsy-turvy day on Wall Street finished on a high note Wednesday, as investors shook off a slate of bleak economic readings to end a volatile session in positive territory. The market righted itself for good around 2 p.m. in New York, after the Federal Reserve released the Beige Book for its Dec. 16 monetary policy meeting. The report painted a dismal portrait of the U.S. economy, but the downbeat readings on the jobs market, retail sales and housing were hardly surprising. Article Controls At the closing bell the Dow Jones industrial average was up 173 points, the S&P 500 gained 22 points and the Nasdaq added 43 points. The municipal bond market made headlines after the Port Authority of New York and New Jersey said it drew no bids in a competitive sale of $300 million in 2011 notes. The Port Authority stressed the sale was well in advance of any capital needs. Matt Dalton, CEO of municipal bond specialists Belle Haven Investments, said in an e-mail to Forbes.com that his firm does not take the lack of interest to be a reflection on the Port Authority's credit condition. Automakers remained in focus, with hearings on Capitol Hill scheduled for Thursday and Friday. Detroit's Big Three--General Motors (nyse: GM - news - people ), Ford Motor (nyse: F - news - people ) and Chrysler--have requested up to $34 billion in bridge loans and credit facilities to help them survive the current economic downturn, and executives from the companies will be grilled on the details by lawmakers. Related Quotes GM $4.90 +0.05 F $2.85 +0.15 Get Quotes: The United Auto Workers offered help Wednesday, agreeing to discuss changes to its labor contract with the automakers, including the elimination of the "jobs bank" at GM and possibly at the other two. The union could also defer payments the automakers are required to make to trust funds that will assume responsibility for worker health care in 2010. GM shares were up less than 1%, while Ford was hanging on to gains, up more than 5%. [Johnny: It may not reflect on their credit worthiness in relative terms, but it sure indicates the lack to desire to risk captial even of relatively sure bets. Is this the start of the erosion of the US dollar denominated in general? The expection is that it will lose it leadership role in 10 years time if other regions continue to grow. The rise in the market despite the bad economic news may indicate a tradable bottom good for 2 to 10 days. ]