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Dow Closes Up 170 on Fed Chief Appointment
AP via Yahoo ^ | 10/24/05 | Christopher Wang

Posted on 10/24/2005 2:27:46 PM PDT by advance_copy

NEW YORK (AP) -- Wall Street staged an impressive rally Monday after the nomination of top White House economist Ben Bernanke as the next Federal Reserve chief, with the Dow Jones industrial average soaring nearly 170 points. Strong quarterly earnings from drugmakers and lower oil prices bolstered the gains.

Stocks were already advancing when news came that President Bush picked Bernanke, chair of the president's Council of Economic Advisers, to succeed Chairman Alan Greenspan when he retires in January. Bernanke was widely seen as continuing Greenspan's policy of fighting inflation.

Meanwhile, upbeat profit reports at Merck & Co. and Schering-Plough Corp. eased earnings concerns prompted by Pfizer Inc.'s weak forecast last week. Encouraging results from American Express Co. late in the day also lifted stocks.

At the close of trading, the Dow climbed 169.78, or 1.66 percent, to 10,385.00, its largest single-day gain since a 206-point advance April 21.

Broader stock indicators also rose sharply.

(Excerpt) Read more at biz.yahoo.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bernanke; djia; fed; fedreserve; greenspan
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Looks like Wall St. likes the President's pick.
1 posted on 10/24/2005 2:27:50 PM PDT by advance_copy
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To: advance_copy

BTTT


2 posted on 10/24/2005 2:28:57 PM PDT by Fiddlstix (Tagline Repair Service. Let us fix those broken Taglines. Inquire within(Presented by TagLines R US))
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To: advance_copy

I have noticed how gas has fallen $0.40/gallon and the press hasn't said anything about it.


3 posted on 10/24/2005 2:29:31 PM PDT by Perdogg ("Facts are stupid things." - President Ronald Wilson Reagan)
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To: advance_copy; OldFriend; bray; ohioWfan; Grampa Dave

And a whole bunch of "real conservatives" here at FR don't.

Such a surprise.


4 posted on 10/24/2005 2:29:34 PM PDT by Howlin
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To: Perdogg


No surprise. The "Press" only likes news that can be skewed to hurt/damage/discredit...the current administration.


5 posted on 10/24/2005 2:30:44 PM PDT by in hoc signo vinces ("Houston, TX...a waiting quagmire for jihadis.")
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To: Perdogg
I have noticed how gas has fallen $0.40/gallon and the press hasn't said anything about it.

The only reason oil prices have fallen is that the oil barons are less "greedy" right now. When they get another attack of "greed", prices will go up to $5.00 / gallon.

Now if I can only figure out how to know when they feel "greedy" or not I can make a killing on the oil futures market!!

6 posted on 10/24/2005 2:35:45 PM PDT by You Dirty Rats (Lashed to the USS George W. Bush: "Damn the Torpedos, Full Miers Ahead!!")
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To: advance_copy; Ernest_at_the_Beach; BOBTHENAILER; mhking; nutmeg; ohioWfan; Howlin; Miss Marple; ...

Thanks I was going to post something similiar from Market Watch.

Below is that link:

http://www.marketwatch.com/news/story.asp?guid=%7B796C25D6%2D64BA%2D4A44%2D8589%2D6C0140ECC38B%7D&siteid=mktw&dist=

MARKET SNAPSHOT

U.S. stocks rally; Bernanke nominated
Dow, S&P 500 rack up biggest one-day gains since April

By Leslie Wines, MarketWatch
Last Update: 4:35 PM ET Oct. 24, 2005 [ Page 1 | 2 ]
Disable MW live quotes | E-mail it | Print | Discuss | Alert | Reprint |

NEW YORK (MarketWatch) -- U.S. stocks closed sharply higher Monday, with the Dow Jones Industrial Average and the S&P 500 posting their biggest one-day gains in six months, after strong earnings and the White House's nomination of administration economist Ben Bernanke as the next Federal Reserve chief.


7 posted on 10/24/2005 2:37:22 PM PDT by Grampa Dave (Jamie Gorelick is responsible for more dead Americans(9-11) than those killed in Iraq.)
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To: Howlin
And a whole bunch of "real conservatives" here at FR don't.

I haven't kept up on the FR reaction to this so this is news to me...on second thought, it's par for the course they are on isn't it :)

8 posted on 10/24/2005 2:38:46 PM PDT by Dolphy
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To: Perdogg

"I have noticed how gas has fallen $0.40/gallon and the press hasn't said anything about it."

Amazing how in coordination the Bush Whackers and the MSM seem to be on so many cooked up issues.


9 posted on 10/24/2005 2:39:11 PM PDT by Grampa Dave (Jamie Gorelick is responsible for more dead Americans(9-11) than those killed in Iraq.)
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To: Perdogg

That's one thing people will notice without the press having to be involved though.


10 posted on 10/24/2005 2:40:28 PM PDT by Republican Wildcat
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To: Howlin

About the only things these real manly conservatives invest in besides their monthly Viagra and testosterone may be gold. They don't believe in the capitalism.


11 posted on 10/24/2005 2:41:05 PM PDT by Grampa Dave (Jamie Gorelick is responsible for more dead Americans(9-11) than those killed in Iraq.)
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To: advance_copy

This is fairly good news. I was under the impression that it was going to fall no matter who got picked as the market has this weird underlying assumption that Greenspan was somehow making the economy levitate as if by magic.

Regards, Ivan


12 posted on 10/24/2005 2:42:06 PM PDT by MadIvan (You underestimate the power of the Dark Side - http://www.sithorder.com/)
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To: Howlin
I heard they were going to change the name to "Real Conservative Republic"? Or better yet, Bush is not a Conservative Republic"! Thanks

Pray for W and Our Freedom Fighters

13 posted on 10/24/2005 2:43:23 PM PDT by bray (Iraq, freed from Saddamn now Pray for Freedom from Mohammad)
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To: advance_copy
Dow Closes Up 170 on Fed Chief Appointment

If we let him pick a new Fed governor every Monday we might have a trend...

14 posted on 10/24/2005 2:44:07 PM PDT by Snardius
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To: Dolphy

Think "pattern."


15 posted on 10/24/2005 2:44:25 PM PDT by Howlin
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To: Grampa Dave

It's getting old !


16 posted on 10/24/2005 2:44:51 PM PDT by Ernest_at_the_Beach (History is soon Forgotten,)
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To: Grampa Dave
Ouch Gramps, that's goin to leave a mark!!

Pray for W and Our Freedom Fighters

17 posted on 10/24/2005 2:46:01 PM PDT by bray (Iraq, freed from Saddamn now Pray for Freedom from Mohammad)
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To: MadIvan
I was under the impression that it was going to fall no matter who got picked

For some, the reason to buy was that the president picked someone who was going to continue Greenspan's policies. For others, the reason was that the president picked someone who wouldn't...and that makes a market.

18 posted on 10/24/2005 2:48:18 PM PDT by Snardius
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To: Ernest_at_the_Beach

When one sounds worse than Howard Dean while attacking GW and claiming to be the real walk on water conservatives, it gets very old indeed. Quick forum checks show most of these individuals have hated GW for as long as they have posted on FR.


19 posted on 10/24/2005 2:48:33 PM PDT by Grampa Dave (Jamie Gorelick is responsible for more dead Americans(9-11) than those killed in Iraq.)
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To: bray

They can lick their marks and whine and blame GW for their marks.


20 posted on 10/24/2005 2:49:45 PM PDT by Grampa Dave (Jamie Gorelick is responsible for more dead Americans(9-11) than those killed in Iraq.)
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