Skip to comments.Dow retakes 11,000 as oil sinks (Closes at 11,028)
Posted on 02/14/2006 1:05:04 PM PST by Mikey_1962
NEW YORK (CNNMoney.com) - The stock rally accelerated Tuesday afternoon, pushing the Dow industrials above the 11,000 mark for the first time in a month, as love-struck traders watched oil sink below $60 a barrel. The Dow Jones industrial average (up 128.87 to 11,021.19, Charts) surged about 1.3 percent with less than an hour left in the session. The Nasdaq composite (up 24.68 to 2,264.49, Charts) and the broader Standard & Poor's 500 (up 12.70 to 1,275.56, Charts) each climbed about 1 percent. The last time the Dow crossed 11,000 was Jan. 12 and the last time it closed above the milestone was the day before, when it finished at 11,043.44. Falling oil and the belief that stocks are undervalued helped fuel the rally, said Tony Dwyer, an equity market analyst at FTN Midwest Research. "What the market likes is oil at $59.75, it's as simple as that," said Dwyer. U.S. light crude oil for March delivery sank $1.67, a drop of nearly 3 percent, to $59.57 a barrel on the New York Mercantile Exchange. Dwyer also said the morning's strong retail numbers added to the excitement and helped dispel the notion that higher energy prices, interest rates or a housing bubble will hit personal spending. "The whole consumer Armageddon argument against equities is wrong," he said. "Obviously, it's going to slow it down, but it's not the end of the world." January retail sales jumped 2.3 percent -- the biggest gain since May 2004 -- topping economists' average forecasts, while sales excluding autos rose 2.2 percent, another surprisingly strong reading. While the morning's retail sales report was welcomed, in other recent sessions strong economic news has caused worries about interest rates and inflation.
(Excerpt) Read more at money.cnn.com ...
Cheney shoots lawyer.....market takes off. What does that mean?
LOL! Now if we could just shoot about 10,000 more, we could see a DOW at 30,000!
ROTFL! One down 9,999 to go!
I saw gas dip below $2.00 the other day...
I'm sure the market would like it even more at $39.75...but hey, it's a start.
I am sure gas will go down since the gas stations next shipment will be at the lower price. Oh..wait they do that only when prices go up.
Bad timing that Greenspan is retired. He could explain it to us.
On the same day John Kerry gives a speech railing about the Bush Economy! Hard to find anyone any more politically tone deaf then Kerry!
Shoot more Lawyers?
Mild winter this year..
My January natural gas bill was double what I paid last year.
Cheney shoots lawyer: a good start?
Locally it's going up by .13 today even as we speak.
Don't hold your breath. OPEC says they want oil at at least $50 or higher from now on. If it goes below $50, they will move to reduce output.
Uh Oh!!! :*)
Yeah, it'll probably go up here, too. Although two days ago I gassed up for $1.94.
Cheney shoots lawyer.....market takes off. What does that mean
Shoot more Lawyers?
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