Dow Ends Best 6 Weeks Since 1938 On Econ Hopes

[Purveyor]

By Ellis Mnyandu

NEW YORK (Reuters) - Stocks rose on Friday, with the Dow scoring its biggest six-week gain since July 1938, helped by a reassuring report on the mood of consumers and stabilization in General Electric (GE.N) and Citigroup's (C.N) quarterly results.

The Dow is up 22.7 percent over the past six weeks, making this the largest six-week gain since July 29, 1938.

Friday's close also marked the S&P 500's longest weekly winning streak since 2007.

The Reuters/University of Michigan survey showed that U.S. consumers have more confidence in the economy than they have had since the sudden collapse of Lehman Brothers in September, the latest in a spate of data suggesting the economic slump may be easing.

GE and Citigroup both posted better-than-expected results, lifting the broader market, and bank stocks rallied as investors bet other financial companies could follow up with more news showing the sector is on the mend.

Among banks, shares of Bank of America (BAC.N), due to post quarterly results on Monday, climbed 2.5 percent to $10.60. The KBW Bank index .BKX climbed 3.4 percent and has come close to more than doubling since its March lows. GE shares gained almost 1 percent to $12.39.

MORE...

REUTERS: http://www.reuters.com/article/hotStocksNews/idUSTRE53C1SX20090417

[leftstreet]

1. This should kick-start millions of good paying jobs in America!!!

wait...what?

[Deja Q]

4. We can always hope that will be the case.

[backscatter712]

6. In theory, at least, the job market lags behind the stock market by 6 months to a year.

It's too early to tell whether we're seeing the start of a real economic recovery or a dead cat bounce.

[underpants]

2. The "talent" for yes-manship foresaw as only they could the rise of Susan Boyle

[Mojorabbit]

3. I slogged through

the IMF's analysis on pdf here http://static.tijd.be/upload/IMF-rapport-1084457.pdf
and it does not look good.

[bluestateguy]

5. Not ready yet to say it's for real

Recovery in the stock market (if it's for real and lasts) runs about a year ahead of the real economy.