Showing posts with label Dow Jones. Show all posts
Showing posts with label Dow Jones. Show all posts
Tuesday, February 16, 2010
Saturday, February 13, 2010
Bubbles Greenspan and the Significance of Dow 10,000
When the Dow scaled 10,000 in March of 1999, the stock market had been rallying for several years already. Just five years earlier, the Dow had breezed through the 5,000-level. Therefore, almost no one doubted that 10,000 would be a mere stepping stone to 15,000…or 20,000…or yes, even 36,000, as James Glassman and Kevin Hassett infamously predicted in their 1999 classic: Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market...
What went wrong?
The short answer is: Alan Greenspan. (The long answer is also Alan Greenspan). The former Chairman of the Federal Reserve nurtured an epic financial bubble during most of his 19-year reign...
What does this condensed and biased portrayal of history have to do with Dow 10,000? Just this: without easy credit, and the mania it spawned, Dow 10,000 would not have been possible. When the Dow first reached that magical level in 1999, the blue chip index was trading hands for about 28 times earnings – its highest valuation in 70 years.
Tuesday, February 9, 2010
Wednesday, October 14, 2009
The Dow Hits 10,000
Stocks rallied Wednesday afternoon, with the Dow industrials briefly touching 10,000 for the first time in over a year, following better-than-expected quarterly profit reports from Intel and JPMorgan Chase.
The Dow Jones industrial average (INDU)rose as high as 10,001.58 with about 2-1/2 hours left in the session. It then stepped back slightly, to a gain of 128 points, or 1.3%, to 9,997.
The last time the Dow crossed 10,000 during a trading session was Oct. 7, 2008, when it briefly touched 10,124.03...
Thursday, July 23, 2009
The Dow Hits 9,000
Stocks rallied Thursday, with the Dow jumping 200 points and hitting its highest point since November, as investors welcomed better-than-expected quarterly results and home sales.The Dow Jones industrial average (INDU) gained 188 points, or 2.1%, closing at its highest point since Nov. 5. The S&P 500 (SPX) index added 22 points, or 2.5%.
The Nasdaq composite (COMP) gained 47 points, or 2.5%. The Nasdaq has now closed higher for 12 consecutive sessions, its longest winning streak since January 1992.
read the CNN storySaturday, July 11, 2009
Friday, June 12, 2009
The Dow: Back in Black
Stocks churned Friday, at the end of a mixed week on Wall Street, that nonetheless left the Dow industrials in positive territory for the year for the first time since January.The Dow Jones industrial average (INDU) gained 28 points, or 0.3%, ending above its 2008 close of 8,776.39.
The Dow has now risen in 12 of the last 14 weeks, rising 33% in that time, for its best 14-week stretch since March 1975, according to Dow Jones.
My thoughts: Dead Cat Bounce.
Tuesday, March 31, 2009
Sunday, March 29, 2009
The Dow Rally: Will It Continue?
Since hitting 12-year lows on March 9, the broader S&P 500 (SPX) index has gained 20.6%, ending higher for three weeks straight.
As market pros debate how much longer the so-called bear market rally can last, contrarians believe that all the wariness will help the recent advance grow longer legs.
"For every one person who thinks this could be the start of a new bull market, there are 99 who think it's a dead cat bounce," said Tom Sowanick, chief investment officer at Clearbrook Financial.
Tuesday, March 10, 2009
Big Day on Wall Street
Stocks rallied Tuesday - with all three major indexes logging their biggest gains of the year - after Citigroup cooled some worries about its future and regulators said they may reinstate a key trading rule.
The Dow Jones industrial average (INDU) gained 379 points, or 5.8%. It was the Dow's biggest one-day point and percentage gain since Nov. 24, 2008.
The S&P 500 (SPX) index gained 43 points, or 6.4%. It was the biggest one-day point gain since Dec. 16, 2008 and biggest on a percentage basis since Nov. 24, 2008.
The Nasdaq composite (COMP) climbed almost 90 points, or 7.1%. It was the biggest one-day point gain since Nov. 13, 2008 and biggest percentage gain since Oct. 28, 2008.
"Today's rally was very welcome news from a market that's gone nowhere but down over the last several months," said Michael Sheldon, chief market strategist at RDM Financial Group.
Thursday, March 5, 2009
The Dow Closes Below 6600
Stocks plunged to fresh 12-year lows Thursday as investors waded through more grim news: GM said its survival is in doubt, bank shares took a beating, and Citigroup fell below a buck.
Adding to the global woes: China defied expectations by failing to boost its economic stimulus program.
The Dow Jones industrial average (INDU) fell 281 points, or 4.1%, to close at 6,594.44, ending at the lowest point since April 15, 1997. The Dow has now fallen 14 of the last 18 sessions.
The Nasdaq composite (COMP) fell 54 points, or 4% to close at 1,299.59, ending at the lowest point since 1279.24 on March 12, 2003, at the bottom of the previous bear market.
The S&P 500 (SPX) index lost 30 points, or 4.2%, closing at 682.55, the lowest finish since Sept. 18, 1996...
ince closing at a record 14,164.53 on Oct. 9, 2007, the Dow has fallen 53% as of Thursday's close. Since closing at a record 1,565.15 on Oct. 9, 2007, the S&P 500 has fallen 56% as of Thursday's close.
Since hitting a bull-market high of 2,859.12 on Oct. 31, 2007, the Nasdaq has tumbled 54.5% as of Thursday's close. But the Nasdaq has never come near its record of 5,048.62 hit on March 10, 2000, at the apex of the Internet boom.
Wednesday, March 4, 2009
Monday, March 2, 2009
Bad Day on Wall Street: Dow Jones 6763.29
Stocks tumbled Monday, with the Dow and S&P 500 falling to 12-year lows after insurance company American International Group's huge quarterly loss added to worries about the financial sector and the economy.
The Dow Jones industrial average (INDU) lost almost 300 points, or 4.2% to end at 6763.29, its lowest point since April 25, 1997.
The S&P 500 (SPX) index lost 34 points, or 4.7%, ending at 700.82, its lowest close since Oct. 28, 1996.
The Nasdaq composite (COMP) lost 55 points, or 4% to end at 1322.85. The tech-fueled Nasdaq has held up better than the other major averages this year and remains above its close of 1316.12 from Nov. 20, 2008.
Sunday, March 1, 2009
Saturday, February 28, 2009
12 Year Lows for the Stock Market
Stocks tumbled Friday on worries about the government taking a bigger chunk of Citigroup and a bleak reading on the economy, again touching 12-year lows.
The Dow Jones industrial average (INDU) lost 119 points, or 1.7%. It was the lowest close since May 1, 1997.
The S&P 500 (SPX) index lost 18 points, or 2.4%, closing at its lowest point since Dec. 18, 1996.
The Nasdaq composite (COMP) lost 13.5 points, or 1%.Sunday, February 22, 2009
Potentially Ugly Week for the Economy
Tuesday: The S&P/CaseShiller Home Price index, due before the market open, is expected to have fallen at a record 18.25% annual pace in December, according to a consensus of economists surveyed by Briefing.com...
Also Tuesday, the Conference Board's February Consumer Confidence index is expected to have fallen to 36.0 from 37.7 in January. That reading would be the lowest since the Conference Board began tracking the index in 1967.
Wednesday: January existing home sales are due to be released shortly after the start of trading. Sales are expected to have risen to a 4.81 million unit rate from a 4.74 million unit rate in December.Thursday: January new home sales are expected after the market open. Sales are forecast to have dipped to a 329,000 annual unit rate from a 331,000 annual unit rate in December.
January durable goods orders are expected to have fallen 2.3% after falling 2.6% in December.
Friday: Fourth-quarter gross domestic product growth (GDP) is expected to have been revised lower. GDP likely fell at an annual rate of 5.4% versus the initially reported decline of 3.8%.
Washington, DC
Tuesday: President Obama addresses the joint session of Congress.
Tuesday and Wednesday: Federal Reserve Chairman Ben Bernanke gives his semi-annual testimony before Congress regarding monetary policy.
read the CNN story
My thoughts: The downward spiral continues. The politicians remain clueless.
Friday, February 20, 2009
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