End of the Day Rally

The market started the day in the ditch but managed to erase most of the decline by the end of the day. The S&P 500 actually ended up slightly. GM's earnings were down 13%. Toyota's earnings were down almost 3%. When the car makers find sales drying up, it's usually not a good sign. After all, if you're concerned about your job, you won't buy a new car. On the other hand, Fannie Mae and Freddie Mac have taken steps to reassure investors. This may have been the driving force on the day. When the big lenders take substantive steps to correct the mess they have made, surely this is a good sign. DJIA -7.49 NASDAQ -12.88 S&P 500 +0.71