And What's Driving The Markets Higher?

Stocks closed much higher in the US Markets again. Many would be so happy. :D

On CNBC Stocks Close Higher, Helped by Roubini, Tech

• Stocks closed higher after a staging a late rally triggered partly by positive comments from the economist known as "Doctor Doom."
  After drifting for most of the session, the market began climbing when Reuters reported that Nouriel Roubini, a longtime pessimist, said the recession could be over by the end of the year.

Now what's most interesting was his ACTUAL comments.

• Nouriel Roubini, the economist whose dire forecasts earned him the nickname "Doctor Doom," said after markets closed Thursday that earlier reports claiming he sees an end to the recession this year were "taken out of context."
  
  "It has been widely reported today that I have stated that the recession will be over 'this year' and that I have 'improved' my economic outlook," Roubini said in a prepared statement. "Despite those reports ... my views expressed today are no different than the views I have expressed previously. If anything my views were taken out of context."
  
  Several business news outlets, picking up on a report initially from Reuters, earlier Thursday cited Roubini as saying that the worst of the economic financial crisis may be over.
  
  The New York University professor was quoted by Reuters as saying that the economy would emerge from the recession toward the end of 2009.
  
  Reports of his comments helped trigger a late rally in the stock market.
  
  Roubini added late Thursday that he sees no economic growth before the end of 2009.
  
  "I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19 months into that recession. If as I predicted the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010. Simply put I am not forecasting economic growth before year's end." ..... read rest of his comments here

LOL!

Looks like someone over at REUTERS were twisting and turning.

Just exactly like what we had seen the other day where Meredith Whitney's comments drove the markets higher. Yeah, the Whitney rally, as some are calling it now. But was she bullish on the economy? Or was she just bullish on the business economics of Goldman Sachs? Do watch the video posted in the posting: Meredith Whitney: Bearish On The Economy But Bullish On The Stock

And yeah, we have the Singapore's annualised GDP growth rate which suggests that it's out of recession. ( see Why One Should Not Get Overly Excited Over Singapore GDP Numbers )

And the markets flew up, up and awayyyyyyy......




Life's too good, eh? :D