Wall Street jumps for sixth week on economic hopes, GE

The stock market continued it's historic bear market rally, completeing a nice six week march higher. I gotta tell ya I don't trust this market at all. The economy is still contracting and housing is still crashing when you take out foreclosure sales. Continuing claims for unemployment are at record levels and the public mood is downright gloomy. My advice: use this market rally to lighten up on the stocks and equity mutual funds that you wished you didn't own when the market hit it's March lows. My guess is the next downturn in stocks will be the most painful and will wipeout those who are now investing for fear of missing the next bull market. I'll admit that the move in stocks the last six weeks surprised me but I have an uneasy feeling that this move is just a rally off of historic oversold conditions and has just about run it's course (perhaps another few weeks of gains may come). Heed the old stock market saying: "Sell in May and Go Away", the summer is going to be rough.-Lou

Wall Street jumps for sixth week on economic hopes, GE

NEW YORK (Reuters) – Stocks rose on Friday, capping the S&P 500's longest weekly winning streak since 2007, helped by a reassuring report on the mood of consumers and stabilization in General Electric (GE.N) and Citigroup's (C.N) quarterly results.

The Reuters/University of Michigan survey showed that U.S. consumers have more confidence in the economy than they have had since the sudden collapse of Lehman Brothers in September, the latest in a spate of data suggesting the economic slump may be easing.

GE and Citigroup both posted better-than-expected results, lifting the broader market, and bank stocks rallied as investors bet other financial companies could follow up with more news showing the sector is on the mend.

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