Roubini gooses stocks with prediction of recession's end


Has Dr. Doom transformed into Dr. Feelgood? Notoriously bearish New York University professor Nouriel Roubini said he believes an economic recovery could begin this year, giving investors something to cheer about and helping to push stocks to their fourth straight day of gains. (Update: Roubini now says his remarks were taken out of the context; he hasn't changed his views, he adds.)Tech stocks surged.

The Dow Jones industrial average climbed 96 points, or 1.1 percent, to close at 8,712, its highest point in over a month. American Express (AXP), upgraded by analysts after delinquencies fell, and IBM (IBM), which reported stronger-than-expected quarterly earnings, gained the most among the Dow's 30 component stocks.

Meanwhile, Bank of America (BAC) and JPMorgan Chase (JPM) were the only two Dow stocks to fall in today's trading. For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up.