Wall Street extended its week of gains streak to three with the close of last week’s trading. This week, traders hope that the stocks extend their rally to a month-long period of gains.
Helping stocks recover, among others, was the administration’s plan to prop up the banking sector by eliminating “bad debt.” White House announced that $1 trillion will be invested in the effort. This helped maintain gains sustained in the previous two weeks.
Traders are seeing stocks’ strong rally as an indicator that the market is on its way to recovery. April is seens a “make-or-break” period for the market though weak first-quarter profit reports due mid-April are causes for concern.
Key issues that may affect the market are the president’s plan to help out the auto industry and job reports. Last week, White House announced its plan to help bailout the ailing auto industry. The Labor Department reported that unemployment has breached double-digits in 7 states last month.
Source: CNN Money
