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Why Is AP Talking Up The Stock Market?

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Suddenly, hope springs eternal in the breast of our mainstream media.

An Associated Press story from this morning:

Wall Street poised for moderately higher opening

By STEPHEN BERNARD, AP Business Writer

February 19, 2009

NEW YORK – Wall Street is poised for a higher opening after investors brushed off worse-than-expected unemployment data and a larger-than-expected jump in wholesale prices.

The Labor Department says initial jobless benefit claims totaled 627,000 last week. Economists expected claims of 620,000.

The total number of people receiving unemployment benefits reached an all-time high of 4.99 million.

Meanwhile, the Producer Price Index, which measures inflation before it reaches the consumer, rose for the first time in six months. The index rose 0.8 percent in January. Excluding volatile energy and food prices, the index rose 0.4 percent…

And an Associated Press report from yesterday morning:

Wall Street poised for moderately higher opening

By STEPHEN BERNARD

February 18, 2009

NEW YORK (AP) — Wall Street shook off a much worse-than-expected reading on the housing market Wednesday and is trying to rebound for a dismal Tuesday, when stocks were pummeled by growing concerns about the weakening global economy.

Investors waited for President Barack Obama to announce a plan to help stabilize the housing market and reduce foreclosures. Sharp drops in housing prices and sales, coupled with rising foreclosures since the middle of 2007, have been a primary cause of the recession. Obama’s plan comes a day after he signed a $787 billion economic stimulus plan he hopes will spur the economy and create or save more than 3 million jobs…

Mind you, both articles are based on nothing but a hunch.

(Remember when news articles used to be about things that had actually happened? What we used to call “news”?)

In fact, as the Associated Press itself later admitted, on Wednesday The Dow closed at 7,555.63, up a very slight 3.03 (0.04%), which was barely above its November 20, 2008 low.

And the Standard & Poor’s index closed at 788.42, its lowest close since November 20th.

So the question remains, why is the AP now suddenly talking up the economy?

  Update!

From those stock market Nostradamuses at the Associated Press:

Dow ends at lowest close in more than 6 years

By TIM PARADIS, AP Business Writer

NEW YORK – An important psychological barrier gave way on Wall Street Thursday as the Dow Jones industrials fell to their lowest level in more than six years.

The Dow broke through a bottom reached in November, pulled down by sharp declines in key financial shares. It was the lowest ending for the Dow since Oct. 9, 2002, when the last bear market bottomed out…

Better luck tomorrow, AP.

  Update!

This morning’s suddenly sober prognostication from the Associated Press:

Wall Street poised for lower opening Friday

By STEPHEN BERNARD, 02.20.09

Wall Street was poised to extend its losses Friday after the Dow Jones industrial average sank to its lowest level in more than six years.

On Thursday, the Dow broke through a bottom reached in November, pulled down by a steep drop in key financial shares. It was the lowest close for the Dow since Oct. 9, 2002, the depths of the last bear market.

Stocks have fallen steadily over the past two weeks as investors lost confidence in multiple Obama administration programs aimed at bolstering the economy. The market’s inability to rally signals that investors don’t have a sense of when the recession, already 14 months old, will end…

Of course it is always painful to watch a beautiful dream die.

This article was posted by Steve on Thursday, February 19th, 2009. Comments are currently closed.

32 Responses to “Why Is AP Talking Up The Stock Market?”

  1. Colonel1961 says:

    They’re just doing their job. ;-)

  2. 64dodger says:

    Because we have their Socialist President and they have such concern for our country!!

  3. Consilience says:

    Since AP drank the thugs kool-aid, their writers probably believe that “if they write nice things about Wall Street” Wall Street will be nice to us and reward the thugs reckless spending with an up-tick in the market. I agree with Steve; news isn’t news anymore from drive-by media outlets, but rather propaganda.

    Wonder if AP knew inflation (we’re going to be hearing a lot about that in the coming months/years) had a dramatic INCREASE in January?

  4. 12 Gauge Rage says:

    The AP is doing their job alright, of putting on a great smoke and mirrors show. Sort of like the generals in World War I after everything had bogged down into a stalemate, ‘Tell the people back home that everything is fine, that we’re winning, and morale among the troops remains high.’

  5. proreason says:

    Firstly, notice the volume bar at the bottom of the chart. Remember how I’ve been telling you that volume jumped 60% stating Sep 6, 2008 (vs the prior 6 months), an increase matched only once in the last 60 years. You can see it clearly in the chart. It’s gone down only a little since then, which tells me there is still a LOT of unrest in the markets. Since millions of people have bailed, it means that the professional traders and speculators are at it hot and heavy……just in case you were thinking it’s safe now to get back in the shark infested waters.

    Also, notice that the price (generally thought to be the best forward indicator of the econom), was flat until Sept 8 (McCain’s first lead in the polls). That’s because there was nothing wrong with the economy “until September”. Then you see the hand of Soros and Obamy’s other manipulators drive the price down nearly 20% by election time. It was the biggest drop of all time in an election year. SG should show us sometime the concurrent drop in oil prices, also historic. Remember, when the price of oil is falling off a cliff, the stock market should rise, because a key cost of business is dropping. That means the historic drop in the Stock Market was actually less than it otherwise would have been.

    The drop in oil prices was also intentional, and took McCain/Palin’s biggest issue off the table. Neat huh?

    As for the Obama National Press talking up the market, most conservatives predicted it long ago.

    Within a few days or weeks, we will also begin hearing ecstatic reports of the beneficial impact of the Depression Stimulus, even though not a penney will have been spent.

    The ONP doesn’t understand that The Moron’s puppet masters actually plan for the economy to remain in the tank in 2009, and only begin to go up in spring 2010, just in time for the next congressional elections. If the ONP isn’t careful, The Moron may have to intervene, which could be ugly when he sets his Chicago thugs on the whipping boys.

    For this reason, I predict the Stock Market will rise in the second half of 2009…..since it looks out 6 to 12 months in the future. Between now and then, good luck if you are brave enough to put more of your money in the hands of criminals.

  6. A Mad Pole says:

    Dow Jones Industrial +19 at the moment (after 2,000-point slide since Nov. 4 last year).

    Is AP expecting people to be dancing in the streets and shout out “Alleluja” and “Praised be The One”?

  7. Reality Bytes says:

    When the market tanked in Sept. after Obama overtook McCain, a hedgefund client told me the market has a floor built in at 10,000.

    When Obama won election, same hedgefund client exclaimed a new floor was built @ 9,000

    After two months of Obama in the news, in January yet another floor was discovered @ 8,000

    Over lunch yesterday, that same hedgefund guru, predicted 7,200 by the end of the month.

    I told him that maybe with all the new flooring being built on Wall Street, maybe he should buy Home Depot.

  8. Consilience says:

    Drudge is running this as a banner—from CNBC of all places!!!

    http://www.cnbc.com/id/15840232?video=1039849853

    • proreason says:

      This is an AWESOME clip, Consilience.

      The news babe is hot, too.

    • Consilience says:

      People are hungry for some good old-fashioned common sense—our conservative “leaders” need to have this fire as many are already tired of the thug messiah and his collectivist minions.

    • gipper says:

      Here, here, PR. There are people out there who get stirred up when they see government try to take over. And yes, the Street Sweetie is nice to look at.

    • Colonel1961 says:

      Amen! Amen! Amen!

    • wardmama4 says:

      Ah – We The People are finally rising up:
      http://www.eastvalleytribune.com/story/135656

      and these are High School Students (granted AP Government class).

      Of course the Obamamedia could not deign to report about the protests in Denver –

      I guess in the moonbat Fiberal world, if they don’t ‘report’ it – it doesn’t happen.

      I have to ask – is that why The One ™ just sent out a statement rather than announce the Troop increase in Afghanistan? Imagine the schziophrenic aspect of one Soros front group – Code Pink protesting the main Soros front fraud – The One ™.

      I think that the Generational Theft Act was the line in the sand – and things can only go down for The One ™ – at least he is going to understand what GWB went through from his election until he left office. Not that he will actually admit it – The One ™ will continue to blame whitey – forever. Which of course brings forth another (and even more humorous) schziphenic moment – since The One ™ continues to forget that he is half whitey.

  9. Odie44 says:

    There is an old saying on Wall Street:

    “Buy on rumor, sell on news”

    Hence all 3 indecies being down as we speak. The dopes from AP wouldn’t know a market indicator of up or down, whenther macro or micro, which is why we get BS article titles like:

    “DOW reacting poorly to mortgage news”
    Really, let’s see how many DOW 30 stocks are in the mortgage business…

    More confusion, disruption and blind loyalty from the left and media outlets.

  10. nascarnation says:

    It’s a lot of fun everytime O’Bammy is giving a speech, the financial networks pop up a window showing the stock averages.
    Invariably they tick down while he’s talking.

  11. proreason says:

    Of course I have a world of respect for AP, particularly their market acumen and objectivity, but the market did close down again today.

    Since the Moron lied his way to his thrown, the market is down over 6%. That is negative 54% annualized…..if it can hang on as well as it has so far.

    Which would be an accomplishment since the whole purpose is to destroy capitalism and permanently enthrone The Moron and his puppet masters.

  12. VMAN says:

    They’re having a revolt on the floor of the Chicago Mercantile. High school students are giving better economic advice that the so called leaders of the country. Camelot seems to slipping through the O hole’s fingers. SWEET!!!!!! I just hope he doesn’t go all “Chavez” on the country.

  13. its this simple they needed something to keep people reading there news, so the built up obama, and now they are trying to back him.

    all they want to do is keep you tuning in to them for news, and reason for you to look at them is a good thing to them.

    besides they all think we are stupid

    so you see its simple, its all bout selling news stories

  14. proreason says:

    Rush on the rampage:

    ” You lost half of your 401(k). I don’t know what’s happened to your kids’ college fund, but I dare say it’s probably not in great shape. You think this is an accident? You think the effort to “fix” it is this dumb on purpose? Have you seen anything come out of Washington since Obama was inaugurated that is designed to help you, that is designed to get people outta your way so that you can once again start entrepreneuring, creating, inventing, investing”

    Truer words were never spoken

  15. Anonymoose says:

    The whole housing market had gotten so completely out of whack it wasn’t even funny. “Bailing out” everyone is only an attempt to keep that artificial high going. Obama and company need to face it, the money is gone. Buying up bad loans and keeping them around and giving money to people so they can keep their McMansions is only going to make it worse; it’s time for writing off the bad loans and overpriced houses and starting over.

    As for the AP, they obviously are hoping that after TWO WHOLE DAYS of “stimulus” and ONE WHOLE MONTH of Obama that the market will start to rebound as the world anticipates the money mills at the Treasury gear up to print dollars by the bushel. Never mind the market dropping at the inauguration, the signing, and nearly anything he’s done. Sadly the market won’t respond to his hero worship.

  16. Rusty Shackleford says:

    I’m not going to touch any of my stocks until Heraldo Rivera tells me what I should do…..back to the closet now and gonna pull the carpet and the furniture in with me.

    The only thing a liberal can do when faced with the cold, cruel light of reality….is create an alternate reality; One that most assuredly doesn’t exist but one that only other liberals can see.

    This is most likened to children when caught red-handed doing something they knew was wrong.

    In that, I see no difference.

    On a side note, I e-mailed rush to ask him to make a “job count ticker” to tick off the number of jobs created by the stim-u-less package. There could actually be two tickers: One that indicates how many jobs the democrats say have been created vs the real, adjusted, or weighted number which will probably spend most of it’s time at or near zero.

  17. Anne says:

    I wish I got paid to make up fun stories about the Stock Market! If I get a “creative writing” degree, will they let me (or is that “journalism”?

  18. Colonel1961 says:

    Ah, yes, the DJIA is down over a hundred point already this morning! Nice of the AP to remind readers that (in their opinion) the recession started 14 months ago, i.e., under Bush’s watch. What they didn’t remind us is that last May, the Dow was over 13,000, or nearly twice as high as it is today. Of course, that would tend to indict GoBama and we can’t be doing that…

  19. Consilience says:

    I’ve a hunch, the MARKET is going to force the thug messiah’s hand. Economics is a pretty reliable indicator of sentiment (looking to the future, not the past); the CNBC bubba touched a nerve…but even the thug messiah’s spin machine can’t ignore this evaporation of wealth. When the gov’t money gets into the economy, there will probably be a bump (conventional wisdom)—-but what if the sentiment seen in Chicago yesterday pervades the market. Gold hit $1000 today, and the equity markets are only as good as the equities. With all the doom and gloom—and gov’t meddling, a level of risk has been introduced (and there’s plenty of doubt about TCO’s intentions/abilities) which may drive people to put their wealth in less risky situations.
    Some on this site have suggested a conspiracy among Soros and Co—what if the goal is to drive wealth into gold/precious metals—and then doing like FDR—making ownership illegal?—admittedly a stretch, but the behavior of TCO would lead a reasonable person to conclude he is an enemy of the market.

    • proreason says:

      market was down big early in the day friday because of rumors of nationalizing the banks.

      Late in the day, the idiot Press Stoolie stood up and waved his fingers, saying oh you didn’t understand, we are so behind the free market. It was a pale imitation of the Liar in Chief, but it did calm the markets a bit.

      Gee, wonder what on earth could have started that false rumor?

      Bushhitler must be still have his evil fingers on the throat of the government.

  20. proreason says:

    Rush’s opinion “The market is plunging. Investors are shorting it. They’re not putting money in the market. The economy is getting worse. This is being done on purpose, I believe, just as they are trying to sink the stock market.

    emphasis is mine.

    This government does not want the economy to get better. They do not want your life to improve. They want to bring you down to the level of their “base”…after which there will never again be any chance for a capitalist to threaten their thrones.

  21. GuppyNblue says:

    I know I’m late to this thread but I just wanted to point something out. As it’s already been pointed out, the latest downturn for stocks is due to fear of the banks being nationalized. If this happens, the shareholders are out their money.

    George Soros was advocating for nationalization of the banks while in Davos, Switzerland back in January, 08.

    “Authorities ought to go in and examine the books” of financial institutions, Soros said — and provide assurance that “they will rescue and even take over banks that become insolvent.”

    One participant asked: Might such willingness to effectively nationalize major institutions not spark further panic and only deepen the crisis? “It could be dangerous,” Soros conceded.

    So is it a surprise that the party he finances is doing just that? He had his hands in every step of this artificial crisis. Screw the shareholders; deepening the crisis is worth it.


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