DOW FINISHES BACK ABOVE 9,000...... 7/23/09

  • HndsmKansan

    Posts: 16311

    Jul 23, 2009 8:23 PM GMT
    So very glad to see the market continuing to lift. I can see relief in all my clients.. and whats happened over the last few days.

    From CNN:

    Wall Street at 8-month high
    Better-than-expected results from corporations fire up a big rally, lifting the Dow back above 9,000. Nasdaq extends win streak to 12 days.

    NEW YORK (CNNMoney.com) -- Stocks rallied Thursday, with the Dow jumping 200 points and hitting its highest point since November, as investors welcomed a series of better-than-expected quarterly results.

    A home sales report that topped estimates also added to the gains.

    According to early tallies, the Dow Jones industrial average (INDU) gained 187 points, or 2.1%, closing at its highest point since Nov. 5. The S&P 500 (SPX) index added 22 points, or 2.3%.

    The Nasdaq composite (COMP) gained 47 points, or 2.5%. The Nasdaq has now closed higher for 12 consecutive sessions, its longest winning streak since January 1992.

    Treasury bond prices plunged, raising the corresponding yields, as investors pulled money out of the safe-haven and put it into stocks. The dollar gained versus other major currencies. Oil and gold prices rose.

    Stocks have been on the rise for the last week-and-a-half, bouncing after a four week retreat, as better-than-expected corporate reports have surprised investors.

    "You are seeing companies in large part beating expectations in just about every sector, and while revenues are coming in a bit lower in a lot of categories, we seem to be able to look past that," said Jamie Cox, managing partner at Harris Financial Group.

    Results: Ford Motor (F, Fortune 500) reported a second-quarter profit due to its efforts to reduce debt. The automaker also reported an operating loss that was narrower than a year ago and smaller than forecast. Ford's drop in revenue was also narrower-than-expected. Shares gained 7%.

    Ford is the only U.S. automaker that was not forced to declare bankruptcy last quarter, as a result of the slowdown in auto demand and broad-based recession.

    Dow component AT&T (T, Fortune 500) reported quarterly sales and earnings that fell from a year ago but topped estimates. The telecom benefited from its exclusive contract with Apple, as strong iPhone sales boosted subscriber growth. AT&T shares jumped 4%.

    Fellow Dow component 3M (MMM, Fortune 500) reported weaker quarterly sales and earnings that topped estimates. Considered to be a bellwether for the economy due to the breadth of its businesses, 3M also lifted its forecast for full-year profit. Shares gained 4% and helped lift the Dow in the morning.

    IBM (IBM, Fortune 500), Johnson & Johnson (JNJ, Fortune 500), Verizon Communications (VZ, Fortune 500), Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were the other big Dow gainers Thursday.

    But another Dow component, McDonald's (MCD, Fortune 500), disappointed investors by reporting a bigger-than-expected drop in revenue and an in-line drop in earnings. Shares fell 3%.

    Other company news: Bristol-Myers Squibb (BMY, Fortune 500) said late Wednesday that it will buy biotech company Medarex (MDX) for $2.4 billion.

    Amazon.com (AMZN, Fortune 500) said Wednesday it would buy online shoe retailer Zappos.com for $807 million.

    Market breadth was positive. On the New York Stock Exchange, winners topped losers by over six to one on volume of 730 million shares. On the New York Stock Exchange, advancers topped decliners four to one on volume of 1.94 billion shares.

    Economy: The number of Americans filing new claims for unemployment rose to 554,000 last week from 524,000 in the previous week, according to a Labor Department spokesman.
  • rnch

    Posts: 11524

    Jul 23, 2009 9:01 PM GMT
    well-raise-my-401k!

    yayyyyy!
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    Aug 05, 2009 11:44 AM GMT
    rnch saidwell-raise-my-401k!

    yayyyyy!


    Yeah. I'm hoping the rising market will help those who have their retirement in 401K and other stocks instruments.
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    Aug 05, 2009 12:05 PM GMT
    This is great news, but only for the top 1%. The stock market hasn't reflected actual strength in the economy for many years. What it does reflect is continued ignorance and greed on Wall Street.

    Companies continue to cut their workforces, lower quality standards in manufacturing, ship more jobs overseas ... all for that temporary boost in investor confidence while the very backbone of the U.S. economy - the average consumer - continues to struggle.

    False signs in economic stimulus such as the utterly ridiculous Cash for Clunkers program only helps to exacerbate an already ailing system.
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    Aug 05, 2009 12:09 PM GMT
    I too find it frustrating that the Dow and S&P are trumpeted by the media as markers of the economy. They're markers of big time investor success/failure. We're still facing cuts on state levels, etc.
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    Aug 05, 2009 12:27 PM GMT
    RunintheCity saidI too find it frustrating that the Dow and S&P are trumpeted by the media as markers of the economy. They're markers of big time investor success/failure. We're still facing cuts on state levels, etc.


    yep and then you have people from other countries who have lost all of their retirement funds, and homes; so on, & on. Though no fault of their own. How this financial cold that started in the US of A, and was too infect the world economy. I have a feeling there are many ( I not being one of em, as my lifestyle is still the same) who will enjoy seeing Americans suffer a wee bit more, for what they had been forced too Indira.
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    Aug 09, 2009 10:46 PM GMT
    Tapper you are right the media is too focused on the DOW but with some many individuals relying on their 401Ks to perform you can understand why. Since big business pulled out of pensions years ago it is the only safety net for almost any American. It is a flawed system, but with that being the primary retirement income I am glad to see it back in the 9,000. My investments really need to recover after being beaten down so hard. Now if only my home price would recover, but I do not see that happening anytime soon.
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    Aug 11, 2009 4:48 PM GMT
    The stock markets are usually a leading indicator of the economy. Anytime the stock market is going up is a good sign, but not a perfect one. If I was a betting man (and I rarely am), I would predict a very long and slow recovery for the USA. Consumers and companies need to get out from under the tremendous debts they have piled up over the past several years.

    In my own personal investments I have less than 10% in a S&P 500 ETF. I have nearly as much invested in emerging markets, so you can gather from that how I feel about the relative prospects of the two economic blocks.
  • MikemikeMike

    Posts: 6932

    Aug 11, 2009 4:53 PM GMT
    Friday 8/7 was a better day. Today not so hot. I did make a nice amount on AIG on a quick buy and sell. Bought at 24 sold at 28 and got out!!