Wall Street wants the debit ceiling raised like it wants its next breath. Maybe even more so.
After President Obama today suggested progress was being made toward a deficit reduction deal thanks to the bipartisan Senate Gang of Six plan, the markets rebounded like Dennis Rodman in his Detroit Pistons’ prime.
The Dow exhibited some impressive fast-twitch muscles with a vertical jump of 202 points, its largest one-day bounce this year.
It definitely was a leap of joy (and hope) that Washington will avert a default on U.S. debt and not reduce us all to paupers treading garbage-infested moat waters in search of sustenance.
But don’t get too carried away. Both Congress and Wall Street are like wet Post-it notes. Nothing seems to stick.