Wall Street Hits a Former Benchmark. Now What?
It's only a number but...
When the Dow passed the ten thousand mark yesterday there were cheers on the floor of the New York Stock Exchange. And why not says our CBS News Business Correspondent Anthony Mason.
"Ten thousand is, its just another number, but its also a psychological marker and one that a lot of people take notice of, and if this market is going to try and restore confidence, this is a big step along the way," said Anthony Mason, CBS News Business Correspondent.
Markets do rise and markets do fall, but it isn't the end of the world after all.
"Hope has returned and optimism has returned and the world has not ended for the financial markets and for the economy,' said Michael Farr, President and Chief Investment Advisor for Farr, Miller & Washington.
Michael Farr, President and Chief Investment Advisor at Farr, Miller and Washington.
"Certainly a 60-percent increase off the March lows makes everybody scratch their heads just a bit and say, 'how long can it go straight up?' Because experience has taught us that markets don't go straight up, that there will be a pause at some point, said Michael Farr, President and Chief Investment Advisor for Farr, Miller & Washington.
At some point meaning sooner or later.
"At some juncture you would think that there would be a breather in the market, but perhaps its going to be later rather than sooner," said Marilyn Cohen, President, Envision Capital Management.
Marilyn Cohen, President of Envision Capital Management. She's a believer now.
"It was a party down on the floor and this bull market has defied all logic and defied all fundamentals and that's why it clearly is the real deal," said Marilyn Cohen, President, Envision Capital Management.
There are doubters too, of course, says Anthony Mason.
"They think the market has gotten ahead of itself. They think earnings are not going to live up to the promise that this market seems to be investing in. So there are real doubters,' said Anthony Mason, CBS News Business Correspondent.
He thinks a lot depends.on some key upcoming earnings reports.
"If those reports prove to be as encouraging as the market is anticipating, this rally could hold up. There are many people that I talk to that think we could be headed for 11-thousand," said Anthony Mason, CBS News Business Correspondent.
The Healthcare Reform Battle Rages On
Now that a bill overhauling American's health care system has been released by the Senate Finance Committee for debate on the floor of the Senate, says Minority Leader Mitch McConnell, Republican of Kentucky.
"Senate Republicans are going to insist that this be a real Senate debate. A multi-week debate that gives everyone on both sides an opportunity to freely amend this measure, and the American people an opportunity to fully understand what is in it," said Senator Mitch McConnell, Republican of Kentucky.
Whereas Senate Majority Leader Harry Reid, Democrat of Nevada, doesn't think what's in it is that important or the real issue here.
"I believe that the Republican leader and all of his colleagues with the exception of a couple there, one of whom is Senator Snowe, and there are a couple others, want to do anything that they can do not to have a bill,' said Senator Harry Reid, Democrat of Nevada.
Basically the Republicans are saying they want to get it right. The Democrats are saying they want to get it done.
Now that a health care overhaul is under consideration by the full Senate, the minority Republicans want to make sure its cost and contents are given full consideration.
"We will not be intimidated, if you will, by sticking this up against some recess. The American people expect us to insist that we spend an adequate amount of time to explore all parts of this highly complex effort,' said Senator Mitch McConnell, Republican of Kentucky.
Senator McConnell says he wants to work on it til they get it right. Senator Reid and the Democrats have a different perspective.
"This is our Medicare issue of this generation. This is our Social Security of this generation. This is our Peace Corps of our generation. We're going to keep working on it until we get it done,' said Senator Harry Reid, Democrat of Nevada.
So the Republicans and the Democrats have quite different goals here. Says Democrat Max Baucus of Montana...
"The main goal is to get healthcare reform passed, we're all very much in agreement with that, and to get it passed we need 60 votes, so we're going to put together a bill on the Senate floor that has a high probability of getting 60 votes," said Senator Max Baucus, Democrat of Montana.
Afghanistan Troop Debate
For several days now, critics of the decisions they think President Obama will make about Afghanistan on troop strength and other tactical and strategic matters there, have been saying how disappointed they are. Robert Gibbs, President Obama's spokesman, wishes they wouldn't do that.
"First of all the President hasn't made a decision, right? So the fact that he's made a decision isn't true, and the fact that the decision that he hasn't made has been reported as a certain number, consequently is also not true," said Robert Gibbs, White House Spokesman.
Nor does he think he should be asked to defend whatever it is they're afraid he's going to decide.
"I would not put away throw weight behind a decision has been made when the President has yet to make a decision,' sadi Robert Gibbs, White House Spokesman.
Last night as I went up the stair, I saw a man who wasn't there. He wasn't there again today. Oh how I wish he'd go away. Much has been said and written about what has been leaked from the high level policy discussions in the situation room. How odd.
"This is a matter that is being discussed at the White House in a secure room below ground that is designed to avoid leaks,' said Geoff Morrell, Pentagon Spokesman.
Pentagon spokesman Geoff Morrell. And as for those who speculate, how serving in the field men wait, while the clock is ticking and time passes, simply sitting on their hands.
"Its not as if we are sort of in suspended animation in Afghanistan while discussions are taking place. Real operations are being conducted on a daily basis that are making a difference in the security situation on the ground. We are making progress day-by-day even as this discussion takes place in Washington," said Geoff Morrell, Pentagon Spokesman.
The only thing it's safe to say? He wasn't there again today.
A President Who Just Wants to Be Clear.
President Nixon was often quoted as saying he wanted to make one thing perfectly clear. Well President Obama has many things he wants to be clear about.
Among the many things President Barack Obama has wanted to be clear about are bank bailouts...
"So let me be clear. The reason we haven't taken this step has nothing to do with any ideological or political judgment we've made about government involvement in banks," said President Barack Obama.
Foreign aid...
"Let me be clear. This is not charity. Together we can create a broader foundation of prosperity that builds news markets and powers new growth for all peoples in the hemisphere," said President Barack Obama.
About Iran's pursuit of weapons...
"So let me be clear. Iran's nuclear and ballistic missile activity poses a real threat," said President Barack Obama.
The President wants to be clear about what he means by the word young...
"And let me be clear. When I say young I'm not just referring to the date of your birth certificate," said President Barack Obama.
Or the word 'testing'...
"Now let me be clear, this is not about the kind of testing that has mushroomed under 'No Child Left Behind," said President Barack Obama.
Or about what problem healthcare reform is not part of...
"So let me be clear. Healthcare reform is not part of the problem when it comes to our fiscal future, it's a fundamental part of the solution," said President Barack Obama.
Nor does he want to be unclear about his position on al-Qaeda...
"But let me be clear, the United States has made a lasting commitment to defeat al-Qaeda," said President Barack Obama.
And finally, in his pursuit of clarity, the President's position on his winning of the Nobel Peace Prize.
"Let me be clear, I do not view it as a recognition of my own accomplishments," said President Barack Obama.
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