Saturday, March 14, 2009

Economic Punditry from TommyWonk

The Dow closed yesterday at 7223.98, up 9.55 percent for the week, though still down one third for the year. This is what qualifies as good news in this climate.
When News Journal reporter Aaron Nathans, whose regular beat is energy, set out to make sense of the stock market's modest revival, he turned to bank execs, economists, the state's director of economic development – and this blogger:
Tom Noyes, a Delaware-based blogger who writes about business and finance for the British newspaper The Guardian, said it's more than people being scared.
"There are some huge problems in the economy we have to work through. But if investors and consumers start to see some solid ground under their feet, then I think that helps in turning things around," Noyes said.
It is nice indeed to see investors ready to get back into stocks. But problems like rising unemployment, enormous piles of toxic assets, and tepid demand won't be easily overcome. We've got a long way to go, folks.


Anonymous Anonymous said...

Followers of another Delaware blogger would have learned back in November the the floor would lie around 6700.

And so it was.


9:18 PM, March 17, 2009  
Blogger Tom Noyes said...

I wouldn't dare to predict the floor (or ceiling) of the Dow or any other market index. I'll leave that to other, smarter bloggers.

9:36 PM, March 17, 2009  

Post a Comment

<< Home