Markets Rise despite GDP data

The GDP dropping by 6.1% versus a 6.3% drop last quarter, could be seen as an improvement, but more so, it continues to paint a tepid picture of the US economy. With economists expecting a drop of 4.6%, according to the Dow Jones Newswires, the realities are still fairly uninspiring.

No matter for the markets however, as the 100-day milestone of President Obama's term approaches, Investors are cautiously optimistic in the direction of the US economy. The Dow, Nasdaq and S&P trackers were all higher Wednesday by about 2% in early trade showcasing some of that optimism. The rally was broad, but Financial and Energy stocks led throughout the morning. Despite calls from the Fed that several banks would require more capital based on the results of the now infamous "Stress Tests", banks have shrugged off the major concerns and have header higher.

Various sources have reported that Bank Of America (BAC) even plans to appeal, their stress test results, to the government in an effort to show it is capitalized well-enough and would not need to drastic dilute shareholders with a market offering. This despite, several bank CEOs, including BAC's Ken Lewis, being on the hot seat with their respective jobs.

The ambitious agenda that President Barack Obama began his administration with has polarized the nation in some respects but brought it closer together in others. Despite news networks dedicated to one side of the argument or the other, the Democrats in power have shown many specific plans and remarkable resolve, and as the 100 day celebration comes to be another Obama media spectacle, the investing community is buying in. But with economic data points showing little to no improvement just yet, time will tell when recovery will truly take hold.

Disclosure: Author holds no position in BAC