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Economics Discuss Stocks spike to near 9-month highs at the Political Forums; Stocks spike to near 9-month highs Wall Street rallies as investors saw signs of stabilization on the labor front. Dow ...

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Old 07-30-2009, 05:28 PM
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Default Stocks spike to near 9-month highs

Stocks spike to near 9-month highs

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Wall Street rallies as investors saw signs of stabilization on the labor front. Dow closes at highest level this year.


NEW YORK (CNNMoney.com) -- Stocks surged Thursday, hitting their highest levels in nearly 9 months, as investors eyed the latest batch of better-than-expected profits and forecasts and a report that suggested the labor market is starting to stabilize.

The Dow Jones industrial average (INDU) rose 83 points, or 0.9%, according to early tallies, ending at its best level since Nov. 4. It was also the highest close for the blue-chip index in 2009.

The S&P 500 (SPX) index added 11 points, or 1.2%, ending at its highest point since Nov. 4.

The Nasdaq composite (COMP) gained 16 points, or 0.8%, to reach its highest close since Oct. 1.

Stocks drifted for the first three sessions of this week, as the recent euphoria that lifted markets faded out. The major gauges all gained between 11% and 12% in the previous two weeks as investors welcomed a spate of better-than-expected quarterly results.

But after this week's early volatility, stocks charged ahead Thursday.

"The market is finally getting its arms around the fact that we are close to being out of this recession," said Burt White, chief investment officer at LPL Financial.

White pointed to three supporting factors: the drop in the continuing claims portion of the weekly jobless report, the cumulative effect of better profit reports, and lessening fears about a slowdown in Asia and the global economy.

Stocks gains were broad-based Thursday, with 27 of 30 Dow components rising, led by IBM (IBM, Fortune 500), Chevron (CVX, Fortune 500), Johnson & Johnson (JNJ, Fortune 500), Caterpillar (CAT, Fortune 500), Coca-Cola (KO, Fortune 500) and United Technologies (UTX, Fortune 500).

Labor market: The number of Americans filing unemployment claims for a week or more, a measure known as continuing claims, slipped by more than expected.

According to a Labor Department report, continuing claims dipped to 6.2 million last week, from a revised 6.25 million the previous week, for their lowest level since mid-April and short of forecasts for 6.3 million.

The continuing claims report overshadowed the regular weekly jobless claims report, which showed a bigger-than-expected rise to 584,000. However, that rise was largely related to seasonal issues related to auto plant shutdowns.

Quarterly results: Two Dow components reported results Thursday morning.

Oil behemoth Exxon Mobil (XOM, Fortune 500) reported a steep drop in second-quarter income due to weaker demand and falling oil and gas prices. Weaker quarterly earnings missed estimates on weaker revenue that topped estimates.

Dow component Travelers (TRV, Fortune 500) also reported weaker profit that missed forecasts. But the financial company also boosted its full-year earnings forecast. Shares fell 2%.

Among other companies reporting results, telecom Motorola (MOT, Fortune 500) posted higher quarterly earnings that topped forecasts on weaker revenue that missed. The company shipped 14.8 million phones in the quarter, nearly half what it shipped a year ago, but more than what analysts expected. Shares gained 9%.

Other movers: Shares of Dow component General Electric (GE, Fortune 500) spiked 8%. Goldman Sachs upgraded it to "buy" from "neutral" after legislators appeared to back down on the question of whether GE should separate itself from its troubled finance unit GE Capital.

CNNMoney.com Market Report - Jul. 30, 2009
Not outta the woods yet by any means but some signs of improvement...
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Old 07-30-2009, 05:55 PM
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Default Re: Stocks spike to near 9-month highs

As Obama's healthcare plan spiral downwrds, the cap-and-trade bill is stalled in the Senate, and CardCheck is currently off the table, the stock markets swings upward...

Very telling...
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Old 07-30-2009, 06:44 PM
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Default Re: Stocks spike to near 9-month highs

The oil drops cause people are finally conserving their gas. Phones sales up because they need a phone to get call backs from job applications. And they're staying home (if they have one) and watching T.V.

The dust is settling a little, but some still think worse times are coming. I do hope they're wrong.

Now if we can bring manufacturing back and institute Check Card, start refurbishing power plants (I think some places they already are?), we should have a better outlook. Takes time, but we have all the best minds working on it.
Prayers and fingers crossed!
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Old 07-30-2009, 09:19 PM
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Default Re: Stocks spike to near 9-month highs

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Originally Posted by saltwn View Post
The oil drops cause people are finally conserving their gas.
Because they don't have jobs to drive to?{quote]Phones sales up because they need a phone to get call backs from job applications. And they're staying home (if they have one) and watching T.V.[/quote]Buying phones with their unemployment money? How long is that sustainable?

Quote:
The dust is settling a little, but some still think worse times are coming. I do hope they're wrong.

Now if we can bring manufacturing back
VERY FALSE dream.

No one is even pretending to bring back jobs that pay less than Americans earn. Manufacturing isn't going to be the answer and even Obama doesn't claim it will be.

I agree that stocks are surging a little bit in the short term, merely because indeed some US firms are showing better than expected profits.

Why doesn't the LEFT GET IT????

If you're going to point to the stock market as a sign of economic recovery, you have to finally admit that PROFITS in the MARKET are what drives the economy, not government.



Back in the day Hoover and FDR saw market recovery but FDR's increased taxation turned a recession into a decade long Great Depression that only WWII and more specifically the ensuing baby boom could drag us out of.

We're spending like FDR but not on anything tangible. We're spending on PORK, and we all know it.

Short of massive male deaths and depopulation, what can possibly spur prosperity in these times?

There's not a huge desire/demand for a baby boom because we don't have a need for increased population with unfettered illegal immigration.

We're screwed.

Obama obviously just wants to spend, spend, spend as fast as possible without oversight. Any time he even moderately gets 'checked', the market gets happy. That isn't a recovery, it's a swindle.

Mark my words ... the Dow and the international markets will fall in the back half of the year.

I'm not well invested, but I'm moving everything I have in my 401k within the next couple of weeks into safe bond based investments. This is the ULTIMATE false bear market. I can't understand why anyone would not want to cash out and get into low yield bonds right now. Maybe I'll give it another week to see how the NEW October bull**** regarding the increased deficit turns out.

If Obamacare looks to win, get out of the market. If Obamacare looks to lose, stay in.

Pretty simple. The market always likes market based solutions and always understands that government obstructionism leads to economic oppression.
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Old 07-31-2009, 01:55 AM
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Default Re: Stocks spike to near 9-month highs

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Mark my words ... the Dow and the international markets will fall in the back half of the year.
I been hearing the same, but hope is not till after first qt. of next year. Any way one looks at it Obama is going to spend. And with all the minting going on, the commerical re estate and credit card debt not being paid, I just can't see it not dropping..

I'm getting ready to drop some stock...
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Old 07-31-2009, 02:00 AM
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Default Re: Stocks spike to near 9-month highs

Quote:
Quote:
Originally Posted by Michael1 View Post
Because they don't have jobs to drive to?{quote]Phones sales up because they need a phone to get call backs from job applications. And they're staying home (if they have one) and watching T.V.
Buying phones with their unemployment money? How long is that sustainable?

VERY FALSE dream.

No one is even pretending to bring back jobs that pay less than Americans earn. Manufacturing isn't going to be the answer and even Obama doesn't claim it will be.

I agree that stocks are surging a little bit in the short term, merely because indeed some US firms are showing better than expected profits.

Why doesn't the LEFT GET IT????

If you're going to point to the stock market as a sign of economic recovery, you have to finally admit that PROFITS in the MARKET are what drives the economy, not government.



Back in the day Hoover and FDR saw market recovery but FDR's increased taxation turned a recession into a decade long Great Depression that only WWII and more specifically the ensuing baby boom could drag us out of.

We're spending like FDR but not on anything tangible. We're spending on PORK, and we all know it.

Short of massive male deaths and depopulation, what can possibly spur prosperity in these times?

There's not a huge desire/demand for a baby boom because we don't have a need for increased population with unfettered illegal immigration.

We're screwed.

Obama obviously just wants to spend, spend, spend as fast as possible without oversight. Any time he even moderately gets 'checked', the market gets happy. That isn't a recovery, it's a swindle.

Mark my words ... the Dow and the international markets will fall in the back half of the year.

I'm not well invested, but I'm moving everything I have in my 401k within the next couple of weeks into safe bond based investments. This is the ULTIMATE false bear market. I can't understand why anyone would not want to cash out and get into low yield bonds right now. Maybe I'll give it another week to see how the NEW October bull**** regarding the increased deficit turns out.

If Obamacare looks to win, get out of the market. If Obamacare looks to lose, stay in.

Pretty simple. The market always likes market based solutions and always understands that government obstructionism leads to economic oppression.
[/QUOTE]
You and I agree the stocks surge is just a short term affect. Maybe in my native sarcasm I did not convey that.
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