Wall Street Stages Turkey Rally
UPDATE: This marks the Dow's best four-day rally since 1932. That's the good news. The bad news is: The worst year of the Great Depression -- 1933 -- was still to come.
Wall Street wrapped up a four-day winning streak today with strong gains across the board heading into the Thanksgiving weekend.
The Dow laughed at a boatload of negative economic news this morning, an ongoing terrorist attack in India's financial center, suspicions of a terror attack in America's financial center, a jump in oil prices and a dismal shopping forecast for Friday to close up 247.14, or nearly 3 percent.
The S&P 500 closed up 3.5 percent, climbing 18 percent over the past four days.
The Nasdaq closed up 4.6 percent.
The market wanted a rally and willed itself to one, is one explanation. Secondly, and more concretely, mortgage rates are starting to creep downward, and housing has been at the heart of the ongoing crisis.
The Dow's positive close marked its first four-day winning streak since April. We know it's felt like "since 2004," but it's only since April.
November 26, 2008; 4:18 PM ET
Categories: The Ticker | Tags: great depression, stocks
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