Market Wrap: Other than being April Fool's Day, today is the first day of a new quarter and investors were willing to believe the worst is over for the credit crunch and the subprime related write-downs triggering it. The stock market took news of massive new write-downs by banking giants UBS and Deutsche Bank; news of a National City Bank plan to sell itself; and news of a 3 million convertible preferred share offering by Lehman Brothers as a signal the credit crisis may be coming to an end. A huge stock market rally ensued and this was further fueled by a better than forecast March ISM Manufacturing Index number. The ISM edged higher to 48.6% from the 48.3% level recorded in February. This was a surprise considering market expectations were for a slightly lower number with economists looking for a reading no higher than 48.2%. Although readings below 50 indicate economic contraction, the stock market took the improved results as a sign for a more mild than forecast recession. However, before the stock market gets too giddy with the idea bank write-downs may be drawing to a close, Goldman Sachs recently forecast Wall Street investment banks could eventually write down as much as $460 billion in sub-prime related losses. This may mean the investment banks are only half-way done with their write-down process. Meanwhile, our benchmark FNMA 5.5% mortgage bonds were under water for the entire session, but closed above their worst levels of the day at $100.50, down -41bp. The stock market "hit a trifecta" with all three major indices recording impressive gains. The Dow Jones Industrial Average ran 393 points higher to close at 12,656; the NASDAQ Composite Index scored an 83 point gain to close at 2,362; and the broader S&P 500 Index surged 47 points to close at 1,370.