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 ...
BTTT
I have noticed how gas has fallen $0.40/gallon and the press hasn't said anything about it.
And a whole bunch of "real conservatives" here at FR don't.
Such a surprise.
No surprise. The "Press" only likes news that can be skewed to hurt/damage/discredit...the current administration.
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!!
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 ]
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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.
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 :)
"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.
That's one thing people will notice without the press having to be involved though.
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.
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
Pray for W and Our Freedom Fighters
If we let him pick a new Fed governor every Monday we might have a trend...
Think "pattern."
It's getting old !
Pray for W and Our Freedom Fighters
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.
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.
They can lick their marks and whine and blame GW for their marks.
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