'Too Early To Celebrate' The Recent Upturn In The Stock Market

PIX's Craig Treadway sat down with Chief Market Analyst Wayne Kaufman to discuss the day of good news experienced at Wall Street.

Yesterday, the Dow Jones industrials posted their biggest three-day jump since last November, shooting up 240 points an bringing its 3-day gains to more than 600 points. Companies such as Bank of America declared that they have been profitable this year and General Motors stated that they need not the $2 million loan they previously requested. Kaufman allows that "it's possible we're at the initiation of what could be a significant rally"; however, he also adds that it may be too early to celebrate just yet.

Kaufman notes that retail sales have improved--a good indicator for the state of our economy. As far as Madoff's guilty plea is concerned, he believes the scandal could have created a conflict for potential new clients at the firm who are begging the question, "Where's my money going to be housed?...It has created a bit of a problem."