The NASDAQ Composite, which was 1484.43 at noon on January 20th when Barack Obama became the 44th President of the United States, just closed for the day at 1491.22, according to the CNBC ticker. The Dow and the S&P still have a little ways to go, however.
Disclaimer: Yes, this is a stupid way to look at the stock market (that's the whole point). For a smart way, see Hussman.
3.18.2009
NASDAQ Now Up Under Obama Presidency
@ 4:00 PM
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Sweet! Hopefully this means more to come...
What? No Analysis?
I'm not so sure this means anything; it is heavy in tech stocks and they don't tend to be involved heavily in credit, mortgage or the other components of our financial worries. Not even jobs, really. The whole point of high tech is to have fantastic margins; produce software for $5 a package that you sell for $500 or $5000. Right?
Sorry to be off topic, but any chance we'll get some March Madness predictions out of you, Nate?
I'd like to challenge you to a bracket/data-analysis duel (or at least hear your thoughts on how you'd go about building your model).
Obama reassured industry!! Markets Surge!!!
Isn't it fascinating how the RepubliCAN'T rant about how Obama's "socialism" was sinking the market has evaporated from the airwaves.
Of course, it was pure blarney in the first place, just as it's too early to give Obama credit for this little uptick.
Seems reminiscent of this post on another blog...
http://www.bluemassgroup.com/showDiary.do?diaryId=15057
WHY ARE YOU WATCHING CNBC!!!!! WATCH BLOOMBERG!!!!
Yes, a good slow down on economic policies that would have been albotrosses was helpful as well. Now, lets raise taxes first, then think about cap and trade and these other programs (but I think the mortgage interest deduction is sacrosanct, for good reason).
liberal_defender_of_freedom said...
Obama reassured industry!! Markets Surge!!!
March 18, 2009 3:08 PM
********
in "Real Joe" mode:
damn.
:)
Isn't it fascinating how the RepubliCAN'T rant about how Obama's "socialism" was sinking the market has evaporated from the airwaves.
It is indeed, Sacto Joe.
It is equally fascinating that, now that the markets have been rising steadily, Democrats claiming that Obama caused the rally literally cannot be found.
I think it's pretty clear who does and who does not go in for cult-of-personality thinking.
My thoughts on Presidents and stocks (hint: over time markets don't care)
http://rightsideproject.blogspot.com/2009/03/s-500-vs-us-gdp-since-1950.html
Admitting it's stupid doesn't make it less stupid. It makes it more stupid!
Come on!
No no no. According to the leaders of the Republican Party (Slackjaw and Inanity), Obama has been responsible for the "stock market" since he took the lead back from McCain, around September 21, 2008. It's been Obama's responsibility since then.
(Of course, Slackjaw, Inanity and their buddies also don't believe George Bush was responsible for anything until about September 23, 2001.)
Nate!!!
Mad props for making it into April's Rolling Stone!
Chris said...
Admitting it's stupid doesn't make it less stupid. It makes it more stupid!
Saying it's stupid to admit something's stupid makes it more stupid, not less stupid, makes it even MORE stupid, stupid!
I think rumours of Sun Microsystems being bought by IBM explain a lot of today's increase in the NASDAQ. Sun is a beaten down component of the NASDAQ, and it had a 78% jump today.
Wait, Obama is not responsible for the stock market when it goes down, but he is responsible for it when it goes up?
I love watching liberals kissing his feet!
You love watching liberals kissing Obama's feet, almost as much as I love watching you spoon with your straw man!
Alas, the movement of the stock market is as changeable as the winds. A trend is far from established.
Wait, Obama is not responsible for the stock market when it goes down, but he is responsible for it when it goes up?
I love watching liberals kissing his feet!
The Freepers predictably miss the point of Nate's post.
Nice one Nate.
But it appears the price of oil has gone up under Obama. Doesn't he care about the poor little guy in his SUV, struggling to pay $1.99?
Wager: That's gonna be Barack's next fault on the R side of the aisle.
In the end, Obama is going to be judged by whether the whole economy improves -- employment and jobs will matter more than the stock market. And by how he's handled any as yet undetermined emergencies.
BTW/ the NASDAQ trend is heavily determined by how some of the largest (basically IT) stocks perform; it's not an "average" in the same sense that the DJIA is.
OT: Can we talk about how the shit is about to hit the fan now that Dodd has confessed that he is the one who added the Feb. 11 clause in the bailout?
Snowman said...
Nice one Nate.
But it appears the price of oil has gone up under Obama. Doesn't he care about the poor little guy in his SUV, struggling to pay $1.99?
March 18, 2009 5:04 PM
**********
struggling ???
weird a little.
In Italy we pay gasoline 1.2 euro/liter.
1 euro = 0.76 dollar
1 gallon=3.78 liters
1 gallon = 4.535 euros
1 gallon in Italy =5.96 dollars.
more or less is the same in the rest of Europe.
This is why we have smaller and econimcs cars compared to yours (not to mention less pollution...)
now relax.
You can set up a tax for SUV'S drivers with clear conscience.
I made a little mistake
1 dollar = 0.76 euros
sorry guys,but the final price doesn't change.
:)
SOCIALISM BABY!!!
Where's Pete?
STepper said:
"(Of course, Slackjaw, Inanity and their buddies also don't believe George Bush was responsible for anything until about September 23, 2001.)"
Do you have anything to back that up? Or are you just a troll?
GROG said...
Do you have anything to back that up? Or are you just a troll?
March 18, 2009 5:42 PM
*************
Yes Sir,affermative.
we have Petey's commentary.
You just have to read them...
Question: Why does President Obama look so darn confident right now? He's always had the swagger, but it's like he knows something.
For example, he's doing a town hall right now in RED district and said, and I'm paraphrasing: "Everyone in Washington is pointing fingers at each other, Republicans blaming Demorrats, Democrats blaimng Republicans. You know what, BLAME ME." In addition to, "I inherited this AIG mess, but I take full responsibility for this mess."
He got huge applause, BTW, and had a big grin on his face. His self-confidence is off the charts.
This is fucking hilarious. I've never seen Obama so relaxed and cocky.
Obama is really on fire with his townhall meeting. Hitting on all cylinders on all the issues. He really has a firm grasp on the situation, something that the Republicans can't understand. Such as dealing with more than one critical issue at a time. Something Shrub was intellectually unable to do.
Chris Dodd is about to be number one with a bullet on the next Senate update.
He seemingly takes money from every financial company there is, he appears to be involved somehow in this AIG mess, Fanny and Freddie don't make him look very good...we're talking minimal competence here.
Of course Connecticut somehow managed to find a spot for Joe Lieberman, so perhaps they can overlook their senior Senator's latest rough patch.
Re the town hall, I am so proud of ruby red Orange County for giving up the love for Obama.
Literally thousands of people lined up yesterday for tickets, and the local news showed hundreds camping out in line the night before. Of course, in true California style, a riot threatened to ensue when they ran out of tickets and started turning people away.
OC may yet go blue...
I'm actually making a fortune on GM & C right now (having got in at some really low prices.)
I'm sure we're not out of the woods yet but... certainly there are some good signs.
The Dodd story is bull. He, personally, inserted the language limiting bonuses into the bill, and language exempting old bonus contracts was added by the Conference Committee at the insistence of the Treasury Department.
Dodd was the guy in the room insisting that there be limits on bonuses the whole time. It's been documented in the press for months that he was at odds with Geithner because the administration objected to the stricter limits Dodd wanted to impose.
@matador
Yeah. Where is 'Real Joe'? At least he was a mildly non-offensive troll
In fact, only the semitroll GROG has managed to show up on this thread... the rest of them need time to craft new temporary arguments now that their Obama-is-bad-for-business one is sinking fast.
Loved Obama taking responsibility for the bonus snafu.
Pissing match between Dodd and Obama on the horizon? Hard to see the Senator winning that one. (No matter what the facts are, which is a sad statement.)
Just John said...
the rest of them need time to craft new temporary arguments
TROLLs are capable of crafting an argument? You mean that sometimes (once a year? once a decade?) they are mentally capable of thinking for themselves, and not act solely as parrots for the Lush Rimbaughs, Man Coulters, Bill O'Liellys of the world?
I never knew that! I never knew they actually have brains, even if it only occasionally has an original thought!! As they say, you learn something new every day!!!
The markets are now sending an unmistakable signal- the US economy is going to recover sooner rather than later.
Geithner, Summers, and Bernanke will be regarded as saviours in due course. Obama will not be destroyed by the economy he inherited.
The liberal blogosphere has a forest and trees problem here- it is obsessing about criminal bonuses that are chicken shit, and missing the bigger story.
@Bob Hall:
The bonuses might be chickenshit but the problem and Wall Street culture these bonsues represent is not a trivial problem, and that is what the "liberal blogosphere" is obsessing about.
By analogy, when a lung cancer survivor coughs up blood one morning, their reaction is not
"Oh, what is that? 0.02% of my blood? No biggie."
We want this era of unrestrained greed and unwarranted pay and insane bonuses to end, and it will end, and when we see the symptoms of it we will track them down, focus attention on them, and eradicate this cancer from our financial system.
I am a liberal. I am a Darwinist. Competition is good. Self-interest is good. Getting billionaire rich is fine, and I am not a socialist.
But when self-interest leads to Ponzi schemes and other criminal activity, endangering others, defrauding consumers with misleading contracts laden with legalese, ripping off shareholders by paying multi-million dollar bonuses and salaries regardless of performance, when self interest produces collusion to escape the consequences of bad decisions and eliminate or dilute the need to compete for consumers, then self-interest has gone too far.
The Wall Street culture that rewards success and dismal failure equally must end, it has cost us trillions and half our life savings, and that is what we are obsessing on.
These bonuses are a symptom and an indication that the cancer is still present, and we want it eradicated.
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