Thanks for the post, RogerWilko.
Posted on 10/19/2006 1:48:44 PM PDT by RogerWilko
Dow Gains 19 to Close Above 12,000 for the First Time; Nasdaq Ends Up 4
The Dow Jones industrial average scored its first close above 12,000 Thursday as Wall Street managed to hold on to gains despite concerns about the strength of the economy.
(Excerpt) Read more at biz.yahoo.com ...
It was me. My friend "Roy" is the naysayer. He says that the Russell 2000 is the index for the working man. Problem is it was up more than the Dow recently. Guess there's good times for all.
Except Yankee fans (thanks Hillary!)
LOL
But if ALL stocks dropped 30%, then that wouldn't be an indicatin of something amiss?
Yeah, I think that was me. Hilarious backtracking the libs do...
It's not just my direct neighbors, it's in every surround neighborhood as well. I'm guessing your NOVA property is worth at least 25% less than what it was last spring/summer and could easily see it's 2004 value in the next couple of months. And that's true for ALL homes in NOVA.
But keep on putting lipstick on this pig for some inane reason.
Dow Jones Hits 10,000 Mark
By Ianthe Jeanne Dugan and Robert O’Harrow Jr.
THE WASHINGTON POST
The Dow Jones industrial average closed above 10,000 for the first time Monday, creating a new benchmark for the longest-running bull market in history and underscoring the optimism of new investors dazzled by the high-tech boom and the nation’s robust economy.
Just one year after first hitting 9000, the widely watched barometer of 30 blue-chip stocks plowed through the five-digit mark in mid-afternoon and hung on until New York Mayor Rudolph Giuliani rang the closing bell at the New York Stock Exchange.
The Dow, which had captivated market watchers by bobbing around 10,000 for two weeks, rose more than 184 points, or 1.9 percent, to 10,006.78. Investors -- including the thousands of mutual funds that have lured many newcomers to the stock market in the past decade -- bid up share prices on a burst of enthusiasm over corporate mergers and earnings.
But crossing the threshold also spurred on a debate raging among market professionals. Many deride the Dow average as an imperfect proxy for the market, though they acknowledge its hold on the popular imagination. Yet analysts also disagreed sharply over whether Monday’s milestone is proof that the market is headed even higher -- or whether it masks a broad-based decline that has affected all but the biggest stocks.
With more Americans than ever investing their life savings on Wall Street, the answer matters a lot. In 1984, when the current bull market was two years old, about 12 percent of American households were invested in mutual funds, compared with 44 percent today, according to the Investment Company Institute, a trade group.
Many Americans indirectly hold stock through pensions and other retirement accounts, amd small investors are increasingly trading stock themselves using the Internet.
“Generally, these numbers are just numbers. There’s nothing more magic about 10,000 than 9997.6,” said David Wyss, chief economist at Standard & Poor’s DRI forecasting unit. “There is a psychological element, though. People sit up and take notice.”
The Standard & Poor’s 500-stock index, a broader measure of the market than the Dow average, Monday jumped 27.37 points, or 2.1 percent, to 1310.17 and the technology-heavy Nasdaq composite index rose 73.67, or 3 percent, to 2492.84.
After the market closed, Coca-Cola, one of the Dow stocks, said worldwide sales volume had fallen in the first quarter, news that sent its stock tumbling in after-hours trading -- and would have knocked the Dow average below 10,000 if the news had been released earlier.
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This story was published on Tuesday, March 30, 1999. Volume 119, Number 15
Yes, but they haven't. And anyway, if all stocks dropped 30% after ALL stocks had run up 50%, it would just indicate that momentum causes overswings.
If my house dropped 50% in value, it would be back to what it was "worth" in 2003, and be 30% over what I paid for it in 1996. It will suck for those who bought in the last year when everything was too expensive, but if they bought with fixed-rater mortages they could afford, and if they bought because they wanted a house to live in, and they believe the monthly payment they are signed up for was worth it to own the house they are in, then it really doesn't matter what the housing prices do in the next few months or years.
Don't worry, the "legions of the homeless" will reappear on election day as theDems go to all the shelters to "assist" them in filling out their ballots.
Haaaaa-HA! I KNEW it was him! Looooooooooooooooooooooooooooooooooser!
I'm surprised they haven't tried to give Clinton credit for it hitting 12,000!
Give them time.
"Dow Jones Breaks 12,000 for First Time;
Women and Minorities Hit Hardest"
Unlike when Clinton was in office and he and the liberal media celebrated 4 years of economic growth after his second year in office. He celebrated the 2 years of economic growth under the previous president as if he deserved the credit after running on the platform that we were in a depression. And the MSM actually expects anyone to believe they are unbiased?
Sorry, but I live in McLean. The values have not declined by 25% since last summer. They may be down 3% to 5% based on recent sales in my neighborhood. As I said, it all depends on location.
Good post. Thanks.
Spare us. Home values in desired areas continue to climb, though at a slower rate than the ridiculous annual double digit increases.
Yes it would. If all home prices accross the country dipped 30% it would be a housing crash. Unfortunately, mine appreicated 10% again and my taxes will go up.
"undaunted despite evidence of a weaker economy, held fast to a slim advance."
Did someone send them complaints or something? It doesn't sound as dire as the last one!:
"despite new evidence of a weakening economy, managed to hold on to a slim advance."
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