Financial Analysts To Look For Recovery Signs

Tuesday, February 24th 2009, 5:41 pm
By: News On 6

By Dan Bewley and Scott Thompson, News On 6

UNDATED -- Financial analysts in Green Country will be listening closely to President Obama's speech Tuesday night.

The Dow rebounded Tuesday to close up more than 230 points. As the President takes center stage, financial analysts will be looking for signs that a recovery is near.

"After a while, when you're told day in and day out how bad things are, you begin to think that's how the world operates," said Patrick Donica, Securian Advisors MidAmerica.

Patrick Donica has been a financial advisor for nearly three decades. He says most analysts believed the Dow would stabilize around 8,000 points; instead it dropped close to 7,100.

"I wish I had a crystal ball, but the fundamentals say that we are somewhere near a realistic bottom," said Donica.

One problem, Donica says, is the tone coming from the White House. Donica agrees with former President Bill Clinton, that President Obama needs to be more optimistic with the American people about the future of the economy.

"The sooner people start having hope and faith that there is a recovery in sight, even if it's later this year, then we'll start putting money back in the market and we'll all benefit from it long term," said Donica.

Donica hopes the optimism starts Tuesday night. He says the president has the perfect chance to tell the country how his $787-billion stimulus package will make a difference on main street.

"With this bailout plan, whether you agree with all the terms of it or not, we certainly need to hear from President Obama how it's going to help fix things. Give us hope, give us reason to believe in America again," said Donica.

President Obama's address is at 8:00 on Channel 6.