Calm Down, People: Wall Street is Showing Signs of Improvement

Just minutes ago, Michael Grynbaum at the NY Times reported:

“Signs of improvement in the credit markets brought a wave of relief to Wall Street on Monday morning, as investors sent stocks to another big rally and welcomed comments from the chairman of the Federal Reserve that seemed to encourage a new government stimulus package.

“At the close, the Dow Jones industrials were up 413.21 points or 4.6 percent, closing back above 9,000. The Standard & Poor’s 500-stock index rose nearly 4.8 percent, and the Nasdaq composite index was up about 3.4 percent.

“After weeks of extraordinary coordinated efforts by the world’s governments and central banks, investors awoke on Monday to find — finally — signs that credit was beginning to flow more easily.”

Hopefully today’s positive signs from Wall Street will soon herald good news for the rest of us out here in the hinterland struggling to hold the fort on America’s Main Streets.

To read the NY Times report in its entirety, go here.