Wall St Rallies as Banks Boost Sentiment and Oil Gives Up Strong Early Gains as US Government Cuts Consumption Forecast for 2009

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City of Industry, CA --(www.USEquityNews.com)-- 03/10/2009 - Economy industry alert provided by U.S. Equity News. (Reuters) U.S. stocks rose about 5 percent on Tuesday after Citigroup (NYSE: C) said it was profitable in the first two months of 2009 and a key lawmaker said he expects the restoration of a rule that makes it harder to bet that a share's price will fall. Citigroup's Chief Executive Vikram Pandit also said in a memo the beleaguered bank was confident about its capital strength. Shares of Citigroup, in which the government recently took a large common equity stake to help shore it up, jumped 35.2 percent to $1.42. Citi's stock has fallen about 80 percent year to date. U.S. Rep. Barney Frank, chairman of the House financial services committee, said he expects the uptick rule to be restored in about a month. The rule slows the pace of short selling and could help calm volatile markets.


Crude prices gave up early gains after the U.S. government again lowered its forecast for global energy demand Tuesday and said average oil prices for this year will likely be below current levels on average. Energy prices had received a boost from Federal Reserve Chairman Ben Bernanke who told the Council on Foreign Relations that the U.S. recession could end this year if the government bail out succeeds and markets return to a more normal state. The recession, now in its second year and already the longest in a quarter-century, has turned out to be more severe than the Fed had anticipated, he acknowledged in fielding questions after his speech.

Small Caps in the News:

South Florida-based Capstone Industries, a wholly owned subsidiary of CHDT Corp. (OTC BB: CHDO), announced its Eco-i-Lite(TM) product line will be available in Target Stores across the nation in April. Target will be stocking both the full size and the newest Eco-i-Lite addition of the "Mini Eco-i-Lite(TM)."

Omnicity Corp (OTCBB: OMCY) -- As the landmark federal Stimulus Bill was nearing final mark-up and vote for the President's signature, Omnicity executives took to Capitol Hill to ensure that key members of the Indiana congressional delegation were aware of Omnicity's mission to bring broadband to rural America and of the Company's immediate capability and availability to participate in fulfilling that mandate of the American Recovery and Reinvestment Act of 2009. Meeting with top policy aides for U.S. Senators Richard Lugar and Evan Bayh, and Congressmen Mike Pence and Dan Burton, Omnicity CEO Dick Beltzhoover, COO Greg Jarman, and VP of Corporate Development David Bradford conducted a series of meetings to make their views known to the lawmakers on critical policy elements and on the disbursement of the $7.85 billion in telecommunications related grants for rural broadband deployment.

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