David Moenning's Daily State of the Markets: 3/11 Mar 11, 2009 09:38AM

More Than a Bounce?

Stocks melted up yesterday in response to some good news from the poster children for problems in the banking sector and a couple of politicians actually making sense for a change. The Dow enjoyed one of its best days in months and finished with a gain of 379 points or +5.8%. But the good news is that the Dow was the laggard on the session as the S&P popped +6.4% and the NASDAQ sprang higher to the tune of +7.07%.

The cynics among us are likely to point out that while the day’s fireworks were most certainly a breath of fresh air, the blast, impressive as it was, only returned the major indices to where they were last Wednesday morning. And then I’m guessing that if you listened to any of the analysis about yesterday’s excitement, you undoubtedly heard someone utter the old Wall Street saw ...