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 ...
They are back down to 12116 and some change.
It is amazing how this goes back and forth.
Maybe foriegn trading like Mexico on the DIA, the Dow ETF, causes this.
Gold continues to fall from the sky for the 1045th straight day today. This continues to increase the gap between the rich and the poor, as the poor are too lazy to bend over to pick up the fresh nuggets. Due to their wretched plight and bereft of the wheelbarrows with which to transport the gold, the poor remain poor and get drunk to forget about it.
And more good news,...:
Crude dips as traders remain unconvinced by OPEC ~ December cnt at 15-month low; natgas under $7
October has been a terrible month for the DOW. -sarc
12,116.91 is the final.
I love that one. I use it after a troll tells us to stay home and not vote after trashing GW.
Besides their predictions, I would like to know what political party they vote for and what politicians they donate to if any.
Magnificent.
Rove.
HASBRO is a blue chip stock???
OH NO!!!
Remember this is the worse economy since the last Ice Age, which you caused with your SUVS!
LOL!!! Her eyes do weird things in real life,too!
She is even scarier in real life at 25' away from her.
And deeply saddened.
Nothing to see here folks... In fact it is simply a matter that the electorate is feeling so good because it knows that the Dems will win the House and Senate that the Economy is booming... hmmm how's that for liberal logic.
OK....thanks!
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