No one is saying 2008 was a good year, with major world stock market indexes down 30% to 50%. But the ability of the market to rally in the last week of the year took at least a little of the sting out of the worst financial crisis in most investors' memory.
Wall Street is trying to start 2009 on an up note, with traders believing the market's performance in January will set the tone for the remainder of the year. At least some of the optimism comes from leaks about the incoming Obama Administration's stimulus package, which will reportedly try to jump start the economy with $775 billion in spending and tax cuts.
The Dow, S&P and other indexes are one scorecard of the market's mood. But money markets may be an even better gauge of whether investors believe the worst of the crisis is over.
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