Pathetic: CNN Claims Tuesday Stock Market Rise Entirely Due to Obama
In a USA Today email I received 20 minutes after Tuesday's closing bell, I was informed that the exceptionally good day occurred because the stock markets were "buoyed by strong earnings reports by IBM, Coke and others." A visit to the email's linked article also partially attributed the rise to "renewed hopes that U.S. lawmakers would be able to break their stalemate and strike a deficit-reduction deal in time to avert a catastrophic government default."
That's strange, because the CNN Headline email I had received 20 minutes earlier struck a totally different and completely absurd pose, as seen after the jump:
According to CNN, USA Today obviously had no idea what it was talking about. Investors don't look at silly things like reported earnings results at key companies. No-no-no. What matters is what Barack Obama does on any given day. Today it was his "boost," and only his "boost," which drove the markets to their best day in eight months.
Annalyn Censky's related report at CNNMoney.com is an embarrassment:
The Dow industrials staged their strongest one-day rally of the year Tuesday after President Obama indicated that lawmakers are closer to reaching an agreement on raising the debt ceiling.
The Dow Jones industrial average gained 1.6%, or 202 points -- its largest rise of 2011. Of its 30 components, 27 were in the black.
"Obama came on television and it seemed like there was significant progress on the debt ceiling," said Phil Streible, senior market strategist with Lind-Waldock. "Suddenly there was a lot of optimism."
Question for CNN: Was this before or after he parted the Red Sea, began cooling the earth, and made water into wine?
Inconvenient fact for Annalyn Censky: Hours before Obama spoke, the Dow opened about 115 points higher than yesterday's close and basically held steady until the president appeared. Roughly 55% of the day's gains were already there when Obama worked his alleged magic. Zheesh.
Is it any wonder that so many relatively disengaged voters still think the guy is doing an acceptable job?
Cross-posted at BizzyBlog.com.
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Comments
I think the market senses the
Submitted by buddyc on Wed, 07/20/2011 - 3:11am.
I think the market senses the republicans are not going to budge and that this will hasten Obama exit from the political stage. It is amazing that it crashes one day and that is because of republicans and the next day it goes up and that is because of Obama.
What would you expect?
OBAMA PRISON WIVES AT WORK!
Submitted by OldJarhead77 on Wed, 07/20/2011 - 10:30am.
Polishing barrys image.......... and other things now for almost 3 years...............
Only 201 points, Obama walks
Submitted by LAM SON 719 on Wed, 07/20/2011 - 4:44am.
Only 201 points, Obama walks on water why can't he raise it 1000 points?
Is there nothing that o'bama CAN'T do?
Submitted by ThisnThat on Wed, 07/20/2011 - 7:04am.
He produced his birth certificate. Created or saved billions of jobs. He even held a beer summit. Why is anyone surprised that he -- and he alone -- caused the stock market to rise 200 points? After all -- we are blessed with the bestest president -- ever! Aren't we?
BTW, I was surprised, though, to hear that CNN was still on the air.
P.S. Apple reported outstanding earnings last night. Don't be surprised if o'bama performs another stock market miracle today, too.
__________
“Didn't win the Medal of Honor? Didn't even serve? Then lie about it. We'll support you." — 9th Circuit Court
The Steves disagree.
Submitted by SickofLibs on Wed, 07/20/2011 - 8:05am.
Jobs and Wynn.
That'd be like saying
Submitted by Dave81 on Wed, 07/20/2011 - 8:44am.
That'd be like saying "Stocks surge after west Texas receives its first rainfall in nearly a year."
The rainfall, of course,
Submitted by ThisnThat on Wed, 07/20/2011 - 9:02am.
The rainfall, of course, resulting from o'bama's intervention.
__________
“Didn't win the Medal of Honor? Didn't even serve? Then lie about it. We'll support you." — 9th Circuit Court
The Stock Market Surged After
Submitted by Comrade Jim on Wed, 07/20/2011 - 10:42am.
I mowed my lawn, so I am claiming credit.
I mowed my lawn yesterday, too
Submitted by jpwcpa on Wed, 07/20/2011 - 11:28am.
But in my case, it only helps explain why the Pirates beat the Reds last night, 1-0, and really has nothing to do with the stock market. By the way, I might decide to empty my wastebaskets at some point today. So, if the stock market has another good day today, you'll know why.
Hatirs, youse iz
Submitted by Tomorama on Wed, 07/20/2011 - 9:07am.
Listen to all you hatirs, you are just angry because Obama is black and he will winz agin in 2014...................
Don't you people realize or remember the golden rule circa 2008?
ANYTHING good that happens it is on Obama, ANYTHING bad it is Boooooooosh's, Palin's or Faux noises fault.
Didn't you people get the tweet, Meeeeeeeeka did as did.............................
Plunge Protection Team, opps Exchange Stabilization Fund
Submitted by upcountrywater on Wed, 07/20/2011 - 9:33am.
Treasury To Suspend Reinvestment Of Exchange Stabilization Fund
Unfortunately, since the credit crisis of 2008, the Plunge Protection Team has not used the funds simply as reserve in times of crisis, but instead has filtered hundreds of billions, if not trillions of dollars into the stock markets to protect the wealth of the banks and corporate interests from falling stock prices. This can be seen by the large moves daily or weekly in the stock markets when there has been much less market volume since 2008, as retail investors that lost 40% of their money in the credit crisis have refrained from re-entering the markets.
So in a word Yes O'bama did it with my future taxes.
You Didn't Build That.
Correct me if I'm wrong
Submitted by bkeyser on Wed, 07/20/2011 - 10:56am.
but it looks to me like everyone is going short on just about everything lately. I've said it many times before -I don't know much about the market and why it does what it does- but the overarching trend I see is what you'd expect of people trying to make some quick cash and get out again before the whole thing blows up.
Last week, the market dropped quite a bit, but while morning figures were often way, way down, there usually seemed to be a bit of a rebound toward the close. This indicated to me people buying on the cheap. Then the market would open lower the next day -I'm guessing as a result of selling in the Asian and Euro markets. Finally, after days of a falling Dow, suddenly a big rebound that was fueled by -practically nothing, since the state of the economy and the future outlook hadn't changed. Again, buying on the cheap.
This week, some earnings look good, and prices started out low, so the buying continued. No major US economic indicators released this week also play a factor in a rising Dow.