Posted on 10/23/2006 12:59:18 PM PDT by 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.
(Excerpt) Read more at breitbart.com ...
Or yet another story about the "soft landing" of the economy from possible recession shown by the "mini market rally".
Go STOCKS Go.... RALLY RALLY RALLY.
Moderator please change title number to 12,116.91
Fortunately, I added to my Fidelity mutual funds and some ETFs last week. The end-of-year rally seems to be starting early this year. I've read that some short sellers have been forced to buy and cover short positions this month.
B.F.!
Dems: "We can do better." (/massive sarcasm)
Stocks rallied to new highs today due to the growing excitment that investors feel for the prospect of the business-friendly Democrats regaining control of Congress.
LOL-you hit the MSM right on the head with that one.
Thank You!
You forgot about everyone's hopes for higher taxes.
You forgot to add "smarter" :) (extreme sarcasm).
Do not be surprised if liberals and their media will spin it as you said, their desperation and delusions about getting power will not stop them from going this low.
Libs will spin it or completely ignore it.
Katie Couric won't even report it, the others will spin it.
HA....ROFL!
See link at post #17....not sure if it has settled yet...
Weren't there some people on this forum who said that the Dow would plunge after going over 11,000 last year? Likewise I'd like to see a year by year summary of predictions of stock performance by all those financial "experts" who appear on Cavuto's show and other similar programs. It seems a number of them were predicting declining stock performances too.
HOOVER: "Rove you magnificent BASTARD!"
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.