Consumer confidence index is at 54.9, up from 40.8 in April. This mainly drove the stocks up today. Some people believe the recession is easing. However, home prices in 20 representative US cities dropped 18.7% this march compared to last March (See detail here). Foreclosures are up too.
General Motors (GM), on the brink of bankruptcy, was riding roller coaster. It went from day low (about -15%) to day high (about +8%).
I am still bearish. Unemployment is still high and possibly will get higher. Foreclosures from prime mortgages are increasing.
On the Canadian side, people claiming unemployment insurance has increased about 10% for the month of March.
2 comments:
Does GM stand for Government Motors?
Hahaha, it will most likely be.
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