U.S. Stocks Erase Losses After Krugman Predicts Recession’s End
U.S. stocks rose, erasing the Dow Jones Industrial Average’s decline for 2009, after Nobel Prize- winning economist Paul Krugman said the economy will probably emerge from recession by September. Oil rebounded in electronic trading and yields on Treasury two-year notes extended gains....
...Krugman’s remarks followed his remarks on May 25 that the government hasn’t done enough to end the worst recession in at least half a century. At the end of last week, Krugman said he’s having a “hard time” seeing what might drive a “full” economic recovery.
‘Sometime This Summer’
“I would not be surprised if the official end of the U.S. recession ends up being, in retrospect, dated sometime this summer,” he said in a lecture today at the London School of Economics. “Things seem to be getting worse more slowly. There’s some reason to think that we’re stabilizing.”>>>>MORE
Also from Bloomberg, the initial report:
*I added the "in harmony" because in Ghostbusters the cats and dogs line was a sign of the apocalypse whereas here I meant it as a miracle. See IMDb:
Dr. Peter Venkman: This city is headed for a disaster of biblical proportions.
Mayor: What do you mean, "biblical"?
Dr Ray Stantz: What he means is Old Testament, Mr. Mayor, real wrath of God type stuff.
Dr. Peter Venkman: Exactly.
Dr Ray Stantz: Fire and brimstone coming down from the skies! Rivers and seas boiling!
Dr. Egon Spengler: Forty years of darkness! Earthquakes, volcanoes...
Winston Zeddemore: The dead rising from the grave!
Dr. Peter Venkman: Human sacrifice, dogs and cats living together... mass hysteria!