The Dow Reaches New High (12,116.91!!!)

Breitbart.com ^ | Oct 23 | JOE BEL BRUNO

[Species8472]

NEW YORK

Wall Street extended its October rally Monday as investors grew more optimistic about upcoming earnings reports, and a decline in oil bolstered hope for higher consumer spending. The Dow Jones industrials crossed 12,100 for the first time. Dow component Wal-Mart Stores Inc., which said it will cut capital spending to improve its profits, helped the blue chips to their new trading high.

Strength from International Business Machines Corp., Hasbro Inc., and Xerox Corp. also fed the advance. Just halfway through third-quarter earnings season, generally upbeat reports have instilled new confidence about the future in investors.

"The picture being painted is pretty easy to suggest that the pressure on the economy from higher oil prices is easing," said Richard E. Cripps, chief market strategist at Stifel Nicolaus. The price of oil, which fell to lows for the year Friday from its mid-July highs, is making investors more bullish on sectors like retail, which will benefit if consumers have more spending money.

Blue chips resumed a three-month rally after stalling Friday; the Dow, which had already risen 233 points in October before Monday's trading, surpassed 12,100 and reached a new trading high of 12,125.16, eclipsing the old mark of 12,049.51 set last week. Broader market indexes also gained as investors shrugged off concerns about the Federal Reserve's decision on interest rates later this week.

[EGPWS]

Worst damned economy in 40 years, why as much as 4% of the work force is unemployed too.

The rich get richer on the backs of the poor and the middle class.

More at eleven.

[george76]

Shhhhh. Don't tell anyone :

[spikeytx86]

Gotta love old populist Lou. Foment the middle class for ratings. The middle class always bitches they don't have it good, look up any news article dobbs from any period since ww2 and it will have op/eds about "the teetering middle class" The middle class only realizes how good they got it after national tragedies like 9/11 and only for a brief moment usually when gas goes up by over a nickel or so.

[SierraWasp]

That's the way... uh huh, uh huh... the way I like it... uh huh, uh huh... The Dow's on Viagra!!!

[SierraWasp]

Hay Ernest!!! I sure like them three exclamation marks in the modified title of this thread!!! My compliments to the admin mod!!! (the royalties are really addin up now!!!)

[Forgiven_Sinner]

"Yep but it's just more of that "False Prosperity" like back in the'80's."

I was just listening to NPR and they said this recovery has distributed the wealth very unevening--the rich have gotten richer.

The more things change, the more they stay the same.

[Mad_Tom_Rackham]

"Rove -- you are,...aaaahhh,...most honorhable,...aaaaahhhhh,...magnificent bastahd!"

[spokeshave]

Strategery + Shardenfreude = Stratenshardenfreudery

[Mad_Tom_Rackham]

Worst economy in 50 minutes!.............

Right now, the MSM doesn't even recognize that the DOW exists.

[MeneMeneTekelUpharsin]

GOOGLE!

Google (GOOG) to 'da moon! Cramer says stock will hit $500! Boo-yah! Everyone is hollering buy it now!

So, who do you believe?

[Mad_Tom_Rackham]

Dems: "We can do better."

[Mad_Tom_Rackham]

NY Times:

"NEW YORK STOCK EXCHANGE TRADERS HIDING FROM MARK FOLEY"

[Mad_Tom_Rackham]

That's OK, as long as you don't tell anybody, and you're not shopping at the eeeevil WalMart. :O)

[Mad_Tom_Rackham]

Stratenshardenfreudery

I like it!

[vox humana]

All of the political pundits will be offering the same explanation for the November election results...

It's the economy, stupid!

[Marine_Uncle]

Things are certainly on the upity up. heh heh.

[Purrcival]

Worst economy since Herbert Hoover! /sarc

[Purrcival]

"Tom Daschle is concerned."

http://www.photopile.com/photos/dead/auctions/230862.jpg

(.jpg credit to FReeper dead ... for lots of laughs, visit deads FReeper profile page!)

[Purrcival]

"Tom Daschle is concerned."

(Let's try this again - .jpg credit to FReeper dead ... for lots of laughs, visit deads FReeper profile page!)

[JRios1968]

Roooooove!!!!