Today anway the economy is not all dome and gloom, Bank of America shares jump on CEO’s comments
Bank of America Corp. shares rose Thursday for a fourth consecutive day after Chief Executive Ken Lewis said he expected the company to earn “close to $50 billion” this year, before taxes and new provisions for loan losses.
“That kind of cash flow can solve a lot of problems, given time and an improving U.S. economy,” Lewis said in a speech in Boston.
Of course, future loan losses are the wild card. But some investors gave the company the benefit of the doubt: The stock jumped 92 cents, or 19%, to $5.85, outperforming the rest of the banking sector, even on a day that financial issues led the overall stock market up sharply.
People are spending money. Good for them since prices on consumer products seem to be on an extended after Christmas sale. That in turn isn’t so great in terms of profit margins, S&P 500, Dow rise on Citi optimism
S&P 500 stock index futures briefly turned positive as a government report on February U.S. retail sales pointed to some stabilization in consumer spending, overshadowing news of an increase in the number of people filing for unemployment benefits in the latest week.
This domestic blip of good news echoes through Asia, World stocks charge higher on better banking hope
Apparently the Wall Street Journal likes the Rasmussen presidential index. We’re at the second week in a row they have reported an outlier in which president Obama gets a 53% approval. Odd that Pollster gives Obama a 60% approval and gallup as of today gives him a 63% approval. With unemployment at over eight percent, some of the nation’s largest banks in shambles its understandable that people are nervous – certainly the misinformation campaign being waged by the Right isn’t helping the average American understand what is going on. Most Americans still realize two things Bush and Republicans were the major guardians of the nations economy for six years – the benefits of which have upended the lives of millions of decent hard working Americans. The second, that shouting a president that has been in office should be able to clean up the complicated mess in one weekend is simply the Republican party reinforcing its image as extreme wackos. They’re having tea parties. Enough said.
George W. Bush January 2001-January 2005 62.2%. That includes the fact he didn’t enter office with the country in the ditch and his amazingly high ratings just after 9-11. Ratings which he and Republicans exploited for an agenda so radical we were starting to look more like a banana republic then the country of Jefferson and Madison.
In tonight’s interview, Stewart makes the case for what CNBC should have been doing over the past few years: actual business reporting, instead of acting like they were an entertainment channel for the stock market.
Jim Cramer seems like a nice guy. But the nice part got beat to hell by an out of control ego.