Investors are taking the long view

Investors are beginning to take the long view after all the bad economic reports.
Stocks rallied on Wallstreet Friday (Dec 5th) despite a particularly bad report about the Jobs Market in the U.S. (533.000 job losses in November).
The Dow Jones industrial average (INDU) jumped 260 points or 3.1%. The Standard & Poor's 500 (SPX) index added 3.7% and the Nasdaq composite (COMP) gained 4.4%.
It is beginning to look like a short Chritmas rally after all.

From CNN Money
"The report this morning confirmed the fears that the economy is worse off than economists had expected," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "But we're kind of seeing the reaction today that we've seen over the last few days, where there's extremely negative news on the economy, yet the market manages to hold its own."
Stocks still ended lower for the week following Monday's steep selloff. On that day the Dow lost 680 points after the National Bureau of Economic Research (NBER) confirmed what many have long believed - that the economy is in a recession. The NBER put the start at December 2007.