Barack Market

26Nov08

Barack held his third press conference in as many days on Wednesday, and the stock market took a big jump, again.

A stock market gaining confidence in the nation’s financial system bolted higher Wednesday, propelling the Dow Jones industrials and Standard & Poor’s 500 index to their first four-day advance since last spring.

The market reversed losses from earlier in the session after President-elect Barack Obama pledged he would have a plan to deal with the nation’s economic crisis on his first day in office. After filling more spots to his economic team, Obama stated that “help is on the way.”

Obama’s remarks, meanwhile, calmed the market after the day’s economic reports pointed to more weakness. The government reported that unemployment at recessionary levels, new home sales at their lowest level in nearly 18 years, another plunge in consumer spending, and factory orders for big-ticket items down by the largest amount in two years.

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