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 ...
Now that's a laugh!
Dr. Dean will euthenize Whittington?
(sick joke)
Until May, when prices will increase due to oxygenated mandates kick in... again.
Be interesting to see what happens tomorrow after Bernanke opens his mouth.
Big time double top on the Dow?
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