For one brief day, which is rapidly drawing to a close on the West Coast, let us rejoice in some of the financial outcomes of this day, which could have been far different if Congress had not reached a deal. According to the L.A. Times:
The Dow Jones industrial average surged 308 points, or 2.4%, to 13,413. Wall Street followed surges in European and Asian equities markets after Washington’s last-minute fiscal deal.
The broader Standard & Poor’s 500 index rose 36 points, or 2.5%, to 1,462. It was the S&P’s best first-trading-day jump since 2009, according to Howard Silverblatt, senior index analyst for S&P Dow Jones Indices.
The technology-heavy Nasdaq gained 93 points, or 3.1%, to 3,112.
I, for one, will TAKE it! If you get as tired as I do of negative news, obstructionism in government, human stupidity, rampant greed, and gratuitous violence, then you might just want to bask, for a moment, in the warmth of a rally that was, probably, just a collective sigh of relief from people who have trouble expressing their feelings in more meaningful ways. 😉
Sure, our “leaders” mostly “kicked the can down the road” with regard to a lot of nasty issues (like spending cuts) that we will all have to hear about later. But for right now, I find myself agreeing with the sentiments of a gentleman quoted in the L.A. Times:
“They turned off the bomb,” said Sean Kelly, head of equity trading at Knight Capital Group. “There’s still danger in the whole thing, but as of right now, there’s no immediate danger.”
Let’s not cut it so close next time.
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