Both the DJIA and the S&P had closing highs for the year. There was a lot of good news today.
The day started with the announcement that Abu Dhabi was going to bail out Dubai World for $10 billion. It’s a little interesting that this enabled a $4.1 billion payment and that some figures were that as much as $5.5 billion was at risk. Maybe things were just a little misreported? No worries, I’m sure that $10 billion will solve all of the region’s problems. Right?
The good bailout news continued with dual announcements on TARP. The big banks are just about out of the program. Citigroup announced their plans to repay TARP. Wells Fargo made a similar announcement. Looks like there might be some fat bonuses for the bankers this year after all. Everyone’s happy that ordeal is over. Right?
The buyout news was Exxon’s announcement to buy XTO. A 25% premium indicates that maybe natural gas is worth something after all.
