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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Smiling Bob who wrote (186288)	2/24/2009 2:36:41 PM
From: DebtBomb	Read Replies (1) \| Respond to of 306849

Wall Street Rallies as Bernanke Tells Congress Recession May End This Year In his semiannual report to the Senate Banking Committee, Bernanke predicted the economy is likely to keep contracting in the first six months of 2009. But he also said "there is a reasonable prospect" the recession will end this year. He warned that a recovery will require getting credit and financial markets to operate normally. While Bernanke's assessment of the economy helped ease some pressure on the market, it also came after days of heavy selling that left the Dow Jones industrial average and the Standard & Poor's 500 index near 12-year lows, so a bounce in stocks wasn't a surprise. Stocks made cheaper by the selloff attracted bargain-hunting traders. Also, some, better-than-expected quarterly numbers from Home Depot Inc. helped cool some anxiety about the economy. Stocks were also up ahead of a speech by President Barack Obama. Beaten-down financial shares gained as investors hoped for better insight into the government's plans to aid the industry which is struggling with bad debt. The White House said Tuesday that Obama will provide more details about his plans to help stabilize the financial system. He is also expected to make the case that more has to be done to revive the economy. The speech is scheduled for 9 p.m. EST. finance.yahoo.com