Can Wall Street sustain mini rally?
The signs aren't very clear, but a top advisor to President Obama said Friday he sees an encouraging indication that the economy is recovering, and the President himself said he's confident.
"Right now is very tough but we're providing help along the way," said Mr. Obama. "That's why we've put a housing program in place; that's why we're going to be announcing additional steps to help small businesses. We're going to get through this and I'm very confident about that."
Despite record unemployment, the week did see some positive signs.
Bank of America reported a profit.
General Motors didn't need more government aid.
Neither did Citi Group.
Our balance of trade improved.
The U.S. stock market had its best week in months,
And what's going on in American stores is good news as well.
"I think we've seen some glimmers of hope," said White House Press Secretary Robert Gibbs.
Top Obama economic advisor Larry Summers agrees.
"Consumer spending in the US, which was collapsing during the holiday season, appears, according to a number of indicators, to have stabilized," he added.
Still, Republicans insist the Obama plan is too big.
"We don't think we get out of this recession by spending too much, taxing too much, and borrowing too much and that's been the pattern of this new administration," said Senate Minority Leader Mitch McConnell.
The President says just getting out of the recession is not his only goal.
"What we need to do is go back to fundamentals, and that means driving our health care costs down; it means improving our educational system so our children are prepared and are innovating in science and technology," he said.
His purpose, he says, is to make America less prone to boom and bust.
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