clipped from: www.agorafinancial.com The Dow Jones Industrial Average soared (temporarily) through 8,000 yesterday for the first time since February 10. By the close of the trading session, the Dow held on to a 216-point gain – reducing its loss for the year-to-date to single digits. The apparent inspiration for yesterday’s jubilation was the news that financial firms may resume lying about the values of the mortgage securities on their books.
Actually, it’s not technically lying anymore because it is legal. Or maybe it’s just legal lying; we’re a bit confused. In any event, here’s the skinny, according to Bloomberg News: