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sabra Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:22 PM
Original message
Stocks spike to 1-year highs
Source: CNN Money

Economic optimism helps Wall Street extend gains, with the Dow, Nasdaq and S&P hitting the highest points since fall '08.

NEW YORK (CNNMoney.com) -- Stocks gained Wednesday, pushing Wall Street to its highest level in a year, with a rise in industrial production and a spike in commodity prices and equities fueling the advance.

The Dow Jones industrial average (INDU) gained 108 points or 1.1%, according to early tallies, closing at the highest point since Oct. 6, 2008. The S&P 500 (SPX) index rose 14 points or 1.4% and closed at its highest point since Oct. 3 of last year. The Nasdaq composite (COMP) rose 27 points or 1.3% and was on track to close at its highest point since Sept. 26, 2008.

Stocks ended Tuesday's session at the highest point in nearly a year after Federal Reserve Chairman Ben Bernanke said the recession is very likely over although the job market will still struggle. The upbeat economic sentiment stretched over into Wednesday's session and was helped along by the day's economic news.

The combination of improving economic news and fiscal and monetary stimulus has helped boost stocks over the last six months. Since bottoming at a 12-year low in March, the Dow has gained 47% and the S&P 500 has gained 55%. Since bottoming at a 6-year low, the Nasdaq has gained 65%.

Read more: http://money.cnn.com/2009/09/16/markets/markets_newyork...
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denverbill Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:35 PM
Response to Original message
1. Rush/Republicans despondent. n/t
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Plucketeer Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:48 PM
Response to Original message
2. Poor Rush and faithful
They'll be lining up for Oxycontin Enemas right soon!
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Vilis Veritas Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:55 PM
Response to Original message
3. Now that they have dumped 20 million jobs, profits soar!
Hooray!

:eyes:
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:59 PM
Response to Reply #3
4. Of course. Less overhead.
this is the secret to the new economy. cut all the jobs they can, heap more work on the remaining prols, make huge profits, pass out bonus's to the upper 1% of the corp, buy that villa in Cannes.

See?
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Vilis Veritas Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 04:13 PM
Response to Reply #4
5. No shadows in my eyes...
JP Morgan cut thousands if IT jobs after taking over Bears Stearn and now they are replacing them with overseas workers in India. This is all Shock Doctrine economics.
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 04:14 PM
Response to Original message
6. Well, of course corporate CEOs are happy.
They have been bailed out and prevented from suffering the consequences of their own greed and stupidity. The Obama administration is attacking ACORN, one of the few groups that register poor and minorities to vote (A sure sign that liberals will cut their own throats to appear bipartisan and a sure sign we'll lose next time around.) Bacus (some call him Senator) just came out with a bill that will ensure the health Insurance CEOs will continue to con and abuse the American public. We are in the midst of a JOB-LESS recovery and the supposed liberal administration is just all a flutter of how our tax dollars were able to save their corporate cronies.

So tell me, what's the down side for the uber wealth who own most of the stock in this country?
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janx Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 04:14 PM
Response to Original message
7. I looked at the DOW charts--and have been looking at them.
Edited on Wed Sep-16-09 04:17 PM by janx
The stock market is only one indicator, but home builder confidence is coming up...

http://www.marketwatch.com/story/us-stocks-climb-with-h...

The stock market is percolating very well. This is particularly evident if you look at the charts over the last decade or so.

The economist talking heads with their crystal balls crack me up. First, it was: September is always terrible for stocks! Don't be fooled! September will be terrible!

OK, let's look:

http://www.marketwatch.com/investing/index/INDU

Then today, as if to cover their backsides:

October odds
Commentary: October is tough even when September is good for stocks

http://www.marketwatch.com/story/octobers-odds-are-toug...

My mother always told me that investing in the stock market is only for people who want money to sit there for decades or generations (retirement accounts, mutual funds, etc.). I still think she was right. ;-) I suppose if you have a lot of money and want to gamble on the Internets from day to day, OK...
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alcibiades_mystery Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 04:22 PM
Response to Original message
8. I'm actually up relative to contributions in my 403b
Been a long time since I could say that.
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 04:42 PM
Response to Original message
9. Good maybe they will start hiring people again
I'm unemployed. Until I can find a job making at least 80% of what I was making I don't care what the stock market looks like.
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gauguin57 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 04:49 PM
Response to Reply #9
10. Ditto, exactly, what AllentownJake said.
The stock market isn't doing anything for me.
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 04:52 PM
Response to Reply #10
11. Honestly
Edited on Wed Sep-16-09 04:53 PM by AllentownJake
I don't trust any of the numbers they are reporting anyway. I'm an auditor (or was one when I was employed) and I find the fact that this bank crisis got by my peers shows how bad the profession has gotten. I'm assuming due to the pressure right now, a lot more shit is getting by my peers.
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boomerbust Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 06:33 PM
Response to Original message
12. The pukes
On CNBC seem dumbfounded. They are running out of reasons to bash Obama.
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Psephos Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 07:59 PM
Response to Original message
13. This market is overpriced; prices are based on hope and greed, not numbers.
Only suckers buy at a market top.

The medium-term outlook is for static high unemployment, declining competitiveness exacerbated by likely trade wars, astonishing deficits that raise the price of capital for industry (and so, retard investment in new facilities and product development), and inflation.

The forecast for commodities, on the other hand, looks positive, possibly even wildly so, if inflation really kicks in. China already understands that, and is cornering strategic metals and industrial commodities around the world, as quietly as possible.

If I held stocks or stock-based mutual funds, I'd strongly consider moving a hefty fraction - a third or half - into bond funds holding special "inflation-proof" govt. bonds, and into mutual funds that own the stocks of companies that either supply commodities, or stand to profit handsomely when commodities rise.

My opinion, nothing more or less.
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