Posted on 10/14/2009 10:37:20 AM PDT by Sub-Driver
Blue Chips Reclaim 10000
By DONNA KARDOS YESALAVICH
The Dow Jones Industrial Average hit the 10,000 mark Wednesday afternoon, reaching the psychologically important level for the first time in more than a year, as strong earnings reports from Inteland J.P. Morgan Chaseboosted sentiment.
The closely watched market measure last traded above 10,000 on Oct 7, 2008, and hasn't closed above that level since Oct 3, 2008.
Its return to that level represents a big milestone in the stock market's huge climb back up over the past seven months from its March lows. As of Tuesday's close, the Dow was up about 51% from the 12-year closing low of 6547.05 it hit on March 9.
Other major market measures have also soared over the past seven months. The Nasdaq Composite was up about 69% as of Tuesday's close from the low of 1268.64 it hit March 9. The S&P 500 index, meanwhile, has rallied some 59% from its March 9 low of 676.53.
The huge gains came first as part of a so-called survival rally, and were sustained by better-than-expected earnings reports in the second quarter and to start the third quarter. Economic data have also showed incremental improvements over the period, adding to the gains.
(Excerpt) Read more at online.wsj.com ...
W-e-l-l......
I’ll take it, but I’m very skeptical of the long term prognosis.
Zero races out to take credit in 5.4.3.2.1
Inflationary bubble. Carry trade going strong, gold solidly above $1000, gas and oil holding up. The market is partly an escape from inflation, partly a tech bubble, partly a speculative play on banks playing carry trade and borrowing short / lending long. None of these factors are very sustainable, just more bubbles and crashes.
It’s not so long ago they were wondering what would happen with the software when it had to handle the extra digit.
Told y’all for months we would hit 10k. The abuse I took in Sept was much less than what I took in February. Unfortunately this is a big component of Obama’s rising polls.
Yep, and the unemployment numbers will begin to fall too. Democrats are likely to be sitting pretty in 2010 with a healthy DOW and rapidly falling unemployment numbers.
I think we need to accept the fact that unemployment may be significantly lower in 2010, and along with nice DOW, the Dems could be winners in the 2010 midterms.
More bubbles, count on a crash again. They need to get their hands on the rest of your 401K’s that you didn’t lose the first time.
If they succeed in turning the porkulus into jobs. There's not much hiring in small businesses that I know of except for digging holes.
As a laid-off aerospace worker in the 90's I remember the old saying..."Yeah I believe Bill Clinton created 22 million jobs...I've got 3 of them myself"
On March 6,2009, the Dow was at 6450 and the Euro was at 1.29 $/Eur. Today the Dow closed at 10,015 and the Euro at 1.493 $/Eur. Priced in Euros the Dow has gone from 6450 to about 8600. Priced in gold it is even lower.
If you think that socialism works then Obama and his socialists are going to fix the economy. If you believe like I do that socialism is a very destructive force to the economy then no matter how much the Super Limousine Liberals who control the markets fake the numbers eventually the horrible truth will come out.
“Told y’all for months we would hit 10k”
My hat’s off to you for that call. I’ve doubted it much of the way, certainly the last 150 SP (about 1300-1500 DJIA) points. I think it’s completely synthetic and I hate what I know and see underneath it, but the only thing that pays is price. You don’t get paid for your market knowledge or experience, you don’t get paid for knowing the “truth”, you don’t get paid for hesitancy. My only consolation, and it’s a tiny one, is that Art Cashin, who’s been in the market about as long as I’ve been alive, has also been absolutely snaked by the last 100-150 SP points.
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