Posted on 05/02/2007 2:51:11 PM PDT by RWR8189
NEW YORK (CNNMoney.com) -- The Dow rallied to yet another record high Wednesday, capping its longest winning stretch in nearly 52 years, on robust earnings news, a $10.6 billion deal for Cablevision and a strong reading from the manufacturing sector.
The Dow Jones industrial average (up 75.74 to 13,211.88, Charts) rose nearly 0.6 percent to close at an all-time high for the fifth time in the last six sessions. The Dow also hit an intraday high of 13,256.33 during the session.
The blue-chip indicator has now risen in 21 of the last 24 sessions - the best streak since the summer of 1955. Back then, the 30-share Dow climbed about 10 percent over 25 sessions while it's up about 7.5 percent in the recent run.
The tech-heavy Nasdaq composite (up 26.31 to 2,557.84, Charts) gained over 1 percent and the broader S&P 500 (up 9.62 to 1,495.92, Charts) index rose more than 0.6 percent.
Oil settled down 72 cents to $63.68 a barrel, while gold prices eased $2.20 to $675.10 an ounce on the COMEX division of the New York Mercantile Exchange.
Treasury prices edged lower, leaving the yield on the 10-year note at 4.64 percent. In currency trading the dollar gained against the euro and the yen.
Here's what was moving before the close:
(Excerpt) Read more at money.cnn.com ...
“Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months.”
- Irving Fisher, Ph.D. in economics, Oct. 17, 1929
Those who forget history are doomed to repeat it.
...we only need about 10% annual compound growth in equities over the next decade to bring a 30,000 Dow within easy reach. We do a little better, and Dow 40,000 isn't out of the question, he reasons.
By Hal Plotkin
CNBC.com Silicon Valley Correspondent
Jan 23, 2001 06:22 PM
It’s a function of expectations. Nothing (Iran War called off because SA bought off the USSR) got in the way of people investing according to a tried and true formula. We are in the second term of a two term president in a decade with an election in 04 and 08. Yep the Fed does no harm until politics are decided. Then you can expect the Fed with the full support of the newly elected President to do their worst. No political fallout from crushing us in the first 2 years of a new president’s term.
If the Dow hits 30,000 that’ll mean there’s a Home Depot in my garage and Mcdonalds kiosks in my kitchen. In my bathroom, a Weyland-Yutani Model T3000 robotic Sheryl Crow TP attendant. It’s the future baby.
If the stock market does end up crashing, I want it to be during Hillary’s first term.
I would like to see her spin her way out of that!
She wouldn’t have to.
The drive bys will still have BDS. They will find a way to blame it on the unsustainable policies of George W. Bush’s tax cuts.
They’ll cover her ass. Hmm. Poor choice of words.
when I said 25k, I didn’t mean this month.
Wow. I can’t imagine what the price of gas would be if the dow hits 30,000. Scary times that would be! Inflation Hell!
That’s what happens when you play the options game and bet against the stock.
It’s not Bush’s fault?
Hell freezing over is caused by global warming.
Everything is caused by global warming so says our leader L. Ron AlGore.
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