Innovest's March 2009 Market Commentary
Please click here to read the March 2009 Market Commentary.
"Whether a bear-market rally or the beginning of a turnaround, March’s market returns provided a much needed respite from the market retreat of the past 17 months. After continued weakness on generally poor economic news during the first week of March, equity markets staged an impressive rally during the remainder of the month. Stocks surged significantly after Treasury Secretary Geithner announced the Public-Private Partnership Investment Program on March 23. On that day, the S&P 500 posted its seventh largest single-day gain ever, as investors reacted positively to the latest plan from the Treasury to rescue the financial system. The markets were also boosted by announcements from Citigroup, Bank of America, and JPMorgan Chase, that they were profitable during the first two months of 2009.
While the rebound was certainly welcomed, we must keep in mind that the current equity rally was the fifth 10%-plus move in the past year..."