Economic doomsday takes a Ferris Bueller day off

The crystal chandeliers will twinkle in lamplights tonight.

White orchids will spill from dining table vases in breathtaking profusion.

We will be suffused with the sounds of privilege, the delicate clink of silver spoons against fine porcelain.

It’s time for the gilded opulence of luxury.

We’re suddenly flush because stocks around the world shot up sharply today as investors went on a risk-taking binge after Europe finally sealed a long-awaited deal to stem its debt crisis.

The Dow Jones industrial average rocketed up 340 points, a gain of 2.9%, as the S&P 500 closed up 3.4% and the Nasdaq gained 3.3%.

The plan was cheered by Wall Street because it greatly reduces the odds of a financial meltdown in Europe that could spread and infect other economies, such as the U.S. and China. And it bodes well for risky financial assets like stocks going forward, according to analysts taking a break from Googling Lindsay Lohan.

The good news out of Europe coincided with better economic news out of the U.S. The government reported today that gross domestic product grew at a 2.5% rate in the third quarter, an improvement on the second quarter’s 1.3% rate. That growth is just the latest economic data that suggests a double-dip recession is not going to occur.

Indeed, the S&P 500 index is close to having its best month since 1974.

As Whitey Ashburn used to say to Harry Kalas, “Hard to believe, Harry.”

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