“Markets Jump in U.S. and Europe on Hopeful Signs,” by Christine Hauser, New York Times.
“I cannot explain today’s action in the market,” said Gary M. Flam, an equity portfolio manager at Bel Air Investment Advisors. “There has been no news, either positive or negative, to drive a move of this magnitude. I could try to explain it away, but a move of this magnitude is head-scratching.”
“The market just seems to have no memory from one day to the next,” Mr. Flam said. “To drive a move of this magnitude, you would expect there to be some sort of resolution on the bigger-picture issues.”
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