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Inside Markets

Switzer Daily
22 June 2009

The Geithner plan to deal with the bank’s toxic assets won the market over and share prices headed in the right direction. And while the plan will get debated over the next few days, the general thrust excited the market because it gave more certainty.

The Dow was up 497.48 points of 6.84% to 7775.86.
 
The Nasdaq rose 98.5 points to 1555.8.
 
The S&P 500 put on 54.38 points or 7.08% to 822.92.

Since the March lows on the stock market, the S&P 500 has risen around 20% and there have been five 90% days where 90% of market action was buying rather than selling.

Oil, a good indicator of confidence, spiked to $US53 a barrel and the Oz dollar is at 70.26 US cents.

This will be a great day for shares locally as well.

By the way, I interviewed four of the country’s most well known economists last week and they thought unemployment would peak next year at: 7.2%, 6.2%, 6.7% and 7.5%! For this year they tipped 5.7%, 5.9%, 5.8% and 6.6%! This is the stuff that a mild recession is made of. You wouldn’t guess this reading the newspapers.

Have a great day,
 

Peter 

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