Obama Keeps Mouth Shut, Markets Jump

It's amazing what happens when Obama decides to not say anything about the economy for one day:

Seemingly out of nowhere, a huge turnaround in financial stocks set off the biggest rally in stocks since mid-December.

At 3:45 p.m. ET, the Dow Jones industrials were up 321 points, or 4.9%, to 6,869. The Standard & Poor's 500 Index was up 37 points, or 5.5%, to 714 and the Nasdaq Composite Index was up 75 points, or 6%, to 1,344.

The rebound in financial stocks was set off when an internal memo at Citigroup (C, news, msgs) said the troubled banking company had been profitable in January and February and looked to report its best quarter since 2007. Citigroup shares jumped 36.2% to $1.43. The stock had fallen below $1 last week.

Citi's news generated large amounts of buying across financial stocks. JPMorgan Chase (JPM, news, msgs) jumped 19.5% to $19. Wells Fargo (WFC, news, msgs) soared 13.7% to $11.37, and Bank of America (BAC, news, msgs) was up 25.3% to $4.72.

Think about that for a second; the Dow leaped 321 to 6,869. Put in that context, the Obama market has been a nightmare indeed. As always, the markets will sort themselves out if government would just get the hell out of the way.

Now if we can just get Obama to keep his mouth shut for and his hand out of our pockets for, I don't know...a year, we'll be fine and the markets will recover.

But of course, Nancy Pelosi is out there driveling on about another stimulus because the stimulus they already passed and was structured to save the country proved to be what we all said it was; a handout to unions, liberal groups and global warming zealots and has not stimulated a damn thing. I guess the markets didn't react because Wall Streeters are just like the rest of us sane people, they don't listen to Pelosi either.