For the first time in two months, the Dow crossed over 8,000. The index got to as high as 8,075.
The market is being helped by news that the Financial Accounting Standards relaxed its rules on how banks account for their assets. This is important because banks currently hold many hard-to-value, illiquid assets. In turn, that affects their capital ratios. So far, the market views this as good news.
Also, factory orders posted a big increase for February. As I’ve said before, don’t fall for lies about the economy.