The economy rolls along - except that it doesn't

Well, the stock market jumped yesterday:

Stocks rallied Monday afternoon, with the Dow rallying 976 points during the session, as investors bet that the worst of the credit crisis is over, following a series of global initiatives announced over the last few days.

The Dow Jones industrial average (INDU) ended 936 points higher, after having risen as much as 976 points during the session. The advance was the largest ever during a session on a point basis. The point gain was equal to 11.1%, the best one-day percentage gain since Sept. 1932 and the fifth-best ever.

The Standard & Poor's 500 (SPX) index added 104 points, its best one-day point gain ever, equal to 11.6%.That was also the best percentage gain since Sept. 1932 and the fourth-best overall.

The Nasdaq composite (COMP) added almost 195 points, the 10th best day on a point basis. The gain of 11.8% was its second-best ever, after a gain of 14.2% on Jan. 3, 2001, right near the end of the tech bubble.

You see, my friends, everything's gonna be alright!



Oh really?

The Wyoming stamping plant will be closed by General Motors by December 2009, 24 Hour News 8 has learned.

Tim Lee, the head of GM's stamping division, made the announcement at 2:15 p.m. Monday to a stunned group of employees. The 36th Street plant has 1,400 workers at this time.

Lee told the first-shift employees the work at the plant would be phased out and the plant would be closed in 14 months.

Greg Golembiewski, the president of UAW Local 730 that represents the stamping plant, told 24 Hour News 8's Rachael Ruiz the mood in the meeting was like a funeral, and the workers were shocked and devastated. Golembiewski said there was no indication the plant would be closed.