And Now for Some Financial News That’s Not Utterly Disastrous
Posted on Feb 24, 2009
This just in: Not everything is completely awful in the financial arena. Rejoice—stocks went up a little bit! Even if it’s just because Fed Chair Ben Bernanke assured Wall Street that our nation’s banks won’t be nationalized soon, and even if the 2 percent rise happened a day after the Dow dipped to 12-year lows.
Bernanke said that although there could be a time when it is necessary to close banks down, now is not the time.
Bank stocks surged. Bank of America (BAC.N) climbed nearly 18 percent to $4.60 and the S&P Financial index .GSPF jumped 8.2 percent.
AP photo / Richard Drew