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MV Weather Report: Wind Change in Washington?


Rain or shine, we review the day's biggest stock stories.

The news out of General Electric (GE) was bad, and the cost to protect the debt of its financial unit keeps climbing.

This gave the market every reason to sell off today -- it most likely would have, if it weren't already so oversold -- but as Todd screamed from his office, "If they're not going lower, they're going higher."

That old Wall Street adage held true today as the S&P 500 ripped higher, closing the day up 2.36%.

The market gapped open on the strength in China, as the country hinted at a new stimulus package. Many pundits see China as the country that will lead the world out of this recession; it's an economic growth engine.

China's strength also took up the commodities and many of the commodity plays: Exxon Mobil (XOM), BHP Billiton (BHP), Caterpillar (CAT) and Freeport McMoran (FCX) to name a few. These were great stocks to own a year and a half ago - but during a global slowdown, I wouldn't touch them.

That's the reason why I think today's rally was a simple bear-market rally. Around 3:15, Reuters reported that the House Financial Services subcommittee is expected to hold a hearing on mark-to-market accounting on March 12. This helped the banks and General Electric recover, and the market shot higher before selling off in the last 15 minutes of trading.
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