Posted on 12/23/2003 10:53:03 PM PST by kattracks
(CNSNews.com) - The Dow nosed up for a sixth day in a row Tuesday, hitting a 19-month high. On the same day, government reports showed the economy grew at its fastest rate in nearly 20 years in the third quarter.
The Commerce Department said the gross domestic product advanced at an 8.2 percent annual rate in the through months from July through September, the same as estimated last month and more than double the 3.1 percent pace in the second quarter.
The Dow Jones Industrial Average ended up 3.26 points to close at 10,341.26.
The Nasdaq Composite Index also saw a lift because of strong technology stocks. It gained 18.98 points, closing at 1,974.78.
The Standard & Poor's 500 Index finished also on a 19-month high, gaining 3.08 points to close at 1,096.02.
"The market's very quiet, and I don't think there's going to be much of a catalyst to drive it until next year when we enter earnings warning season," Jeff Kleintop, chief investment strategist at PNC Advisors in Philadelphia, which oversees $51 billion in assets, told Reuters.
"Between now and year end, we may see the market drift higher just because we continue to see pretty substantial inflows, particularly in mutual funds," Kleintop said.
The stock market will close at 1pm on Christmas Eve and will be closed on Christmas Day. The stock market will close early on Friday also.
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