Wednesday, March 11, 2009

Dow up but would it remain up?

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The DOW opened in the black this morning for the first time in weeks. The 379-point rise, courtesy of good Citigroup news, gave some people hope. That hope has risen further, as stocks continued to climb, albeit modestly, throughout the day.

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The Dow Jones Industrial average has risen 4.80 percent, a large climb considering the recent economic conditions having left it tumbling lower and lower. A large number of companies are gaining a few percentage points here and there in the stock market today, a shining ray of light on the otherwise gloomy economy.
Does this mean we're seeing the light at the end of the tunnel? Doubtful, in my opinion. While perhaps things will stay steady at the rate they've risen to, economic forecasts suggest that things will not really improve until sometime in 2010 at the earliest. In a nation full of foreclosures, with nearly the highest unemployment rate since World War II, it's going to take a lot more than a nearly 400-point rise in the Dow to get things back on track.
Perhaps these little steps will affect the bottom line, and make a difference for the people who really need it. Maybe some of these companies who are beginning to climb the stock market again will be able to afford to hire more employees.

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But one small blip in the radar isn't going to make a big impact. I believe that this is the first of several small blips, each momentary, but leaving the stock market a little higher than it was the day before. Eventually, we'll reestablish the financial backing we need to raise the stocks to the enormous heights they were before this economic collapse, but not any time soon.
I live in a small town that has been relatively unaffected by the huge economic crisis. However, I do find myself, and many others, shopping more cautiously now, attempting to save money, and holding our breath for the time it hits our community. It's going to be some time before these little blips amount to much of anything, but once they do, I have faith that the entire United States - and possibly the rest of the world - is going to let out one huge sigh of relief. In the mean time, we'll sit and wait, saving our pennies. Hoping.