6674.25 -201.59 (-2.93%) Mar 5 11:48am ET
Open: 6874.01
High: 6874.01
Low: 6654.58
Volume: 184,785,874
Avg Vol: 354,801,000
6674.25 -201.59 (-2.93%) Mar 5 11:48am ET
Open: 6874.01
High: 6874.01
Low: 6654.58
Volume: 184,785,874
Avg Vol: 354,801,000
Steve said:Mike it rose on word China was indicating it might have a second stimulus plan,.. it fell as news came out China would not need one to maintain growth...
China Says 8 Percent Growth Possible in 2009
Thursday, March 5, 2009 9:12 AM
BEIJING -- China's premier said Thursday it can achieve 8 percent growth this year as Beijing spends heavily to combat an economic slump but he announced no new stimulus measures that financial markets hoped for.
"We face unprecedented difficulties and challenges," Premier Wen Jiabao warned in an nationally televised speech to China's legislature. However, he said, "We will be able to achieve this target" of 8 percent growth.
Wen promised to "dramatically increase" spending to boost exports, create jobs and counter the impact of the global slowdown that has thrown at least 20 million Chinese migrants out of work.
But he made no mention of possible new stimulus measures on top of a 4 trillion yuan ($586 billion) package unveiled in November. That was likely to disappoint Chinese financial markets, which rose Wednesday on hopes he might announce a new round of spending worth up to 10 trillion yuan ($1.5 trillion).
CNBC's Macke: Obama Holding Dow Back 2,000 Points as Markets Sag
NewsBusters | March 5, 2009 | Jeff Poor
Finally after five straight down days for the Dow Jones Industrial Average (DJIA), it rallied back 149 points to finish at 6,875 on March 4. But it picked right back up today and continued to fall.
What's holding it back? CNBC "The Kudlow Report " host Larry Kudlow had Jeff Macke, founder and president of Macke Asset Management on his March 4 program and asked if the rally, along with other indicators might be signs of a recovery. Macke, a co-host of CNBC's "Fast Money" said he wasn't impressed and blamed President Barack Obama.
"It would if not for an administration that has created a country full of 330 million people who all want to make $249,000 a year, less they want to become one of the ‘wealthy,' who apparently the government hates," Macke said. "If this administration can get their act together and be pro-business to support the idea of success instead of penalizing it - that would be one thing that would get me excited."