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May 13, 2008 8:38:53 AM CDT

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Mood Lightens on Wall St. as Rally Takes Hold  

Posted May 2, 08 9:51 AM CDT in US,  Business    Most Covered

(newser) – Despite economic gloom spreading along Main Street, things on Wall Street are perking up, the New York Times reports—enough that analysts see a glimmer of hope for a turnaround beginning this year. The stock market rebounded almost 11% in recent weeks, junk bonds and other risky securities are rallying.

Many are echoing the cautious optimism of  Treasury Secretary Henry Paulson, who told Bloomberg yesterday, “We are closer to the end of this problem than we are to the beginning.” Economists link the improvement to the Fed-brokered Bear-Stearns buyout. But as foreclosures increase and the job market keeps waning, “there are still plenty of downside risks,” says an analyst.

Source New York Times

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Mood Lightens on Wall St. as Rally Takes Hold
A trader pauses before the start of trading on the floor at the New York Stock Exchange in New York, Thursday, April 24, 2008.   (AP Photo/Seth Wenig)
Mood Lightens on Wall St. as Rally Takes Hold
A broker smiles as he looks at a monitor on the trading floor at the New York Stock Exchange, April 30, 2008.   (AP Photo/David Karp)
Mood Lightens on Wall St. as Rally Takes Hold
Traders and Specialists look at a monitor on the trading floor at the New York Stock Exchange, Wednesday, April 30, 2008.   (AP Photo/David Karp)
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