Dow extends record run

[jrenz]

I hope the rest of my rich republican fat cat brothers are making money as well Who wants to go on a yatch buying spree later? We can take my H2 down to the lot.

Dow extends record run

The Dow Jones Industrial Average was in record territory for the second-consecutive session as oil continued its downward spiral and a weak report on the services sector bolstered the case for a market-friendly Federal Reserve.

After a slow open, the Dow overcame selling pressure on Wal-Mart (WMT - news - Cramer's Take) and rose 36 points, or 0.3%, to 11,764, an intraday high. The S&P 500 was gaining 3 points, or 0.2%, at 1337, and the Nasdaq Composite was 15 points higher at 2259.

The industrials surged after the Institute for Supply Management's services index dropped to 52.9 in September from 57.0 the previous month. The reading was below consensus forecasts and was the lowest figure since April 2003.

Wall Street now has to gear up for commentary from several Federal Reserve bankers, including the chairman, Ben Bernanke, and the vice chairman, Donald Kohn.

Lately, Fed officials have indicated that they believe the economy is moderating, but not enough to start thinking about cutting rates. The weak ISM services number will likely suggest to traders that the Fed will remain on the sidelines, if not become more dovish.

At the last two meetings of policymakers, rates have been left unchanged at 5.25%. Before that, the Fed lifted its fed funds target at 17 straight meetings in a bid to keep the economy from overheating.

Still, Ian Shepherdson, chief economist with High Frequency Economics, said the ISM report was mixed overall.

 

[spidey07]

Good news indeed.

You can't stop this roaring economy. :thumbsup:

 

[ayabe]

The real state of the economy

Also if you adjust for inflation, the DOW is still below it's previous record high.

 

[jrenz]

Originally posted by: ayabe
Also if you adjust for inflation, the DOW is still below it's previous record high.

The previous Dow average also consisted of different companies, and had it remained the same, it would have surpassed its previous high quite a while ago.

 

[Genx87]

The previous record high was also built on crap and wishful thinking during the internet boom.

Lots of people were made millionaires off bunk idea's that people were willing to pay for.

 

[BaliBabyDoc]

My income has increased by 60-fold since Bush took office. My wife is up a measly 50%. We each make more than the median family income. I guess all is well if people making well above the median are doing well.:roll:

Good thing that more people than ever don't have health insurance.

I hear interest rates on debt are ridiculously low.

Got an interest only mortgage . . . having trouble with the payments?

Got a kid in college . . . how's that tuition?

I mean gasoline is like dirt cheap . . . what is it . . . 2.20? I pay twice that for milk. And for you crying libs don't worry. People that cannot afford milk can always buy kool-aid . . . that builds bones just as well.

In general, the rise in the Dow really means that Billy Joel won't have to wait long to get a buyer for his Centre Island pad.

 

[Pabster]

Originally posted by: spidey07
Good news indeed.

You can't stop this roaring economy. :thumbsup:

:thumbsup:

 

[Lemon law]

Originally posted by: Pabster

Originally posted by: spidey07
Good news indeed.

You can't stop this roaring economy. :thumbsup:

:thumbsup:

----------------------------------------------------------------

Our roaring economy is incredably vulnerable---our huge defecits are funded by cheap short term interests rates---even a small increase in interest rates could mean a real hugeproblems. And if China calls in their notes---or stops funding our trade defecit---the merry go round could stop real fast---and when Uncle Sam bellys up to the oil buying saloon---he could be told.---in God we trust---all others pay cash.

 

[jrenz]

Originally posted by: BaliBabyDoc
My income has increased by 60-fold since Bush took office. My wife is up a measly 50%. We each make more than the median family income. I guess all is well if people making well above the median are doing well.:roll:

Good thing that more people than ever don't have health insurance.

I hear interest rates on debt are ridiculously low.

Got an interest only mortgage . . . having trouble with the payments?

Got a kid in college . . . how's that tuition?

I mean gasoline is like dirt cheap . . . what is it . . . 2.20? I pay twice that for milk. And for you crying libs don't worry. People that cannot afford milk can always buy kool-aid . . . that builds bones just as well.

In general, the rise in the Dow really means that Billy Joel won't have to wait long to get a buyer for his Centre Island pad.

I have no idea what position you are taking on this...

 

[yllus]

I wish you Yankee bastards would pick up the pace a little and push the Canadian dollar down in comparative value. We're not making nearly as much profit as we did when we were ~70 cents.

 

[3chordcharlie]

Originally posted by: jrenz

Originally posted by: BaliBabyDoc
My income has increased by 60-fold since Bush took office. My wife is up a measly 50%. We each make more than the median family income. I guess all is well if people making well above the median are doing well.:roll:

Good thing that more people than ever don't have health insurance.

I hear interest rates on debt are ridiculously low.

Got an interest only mortgage . . . having trouble with the payments?

Got a kid in college . . . how's that tuition?

I mean gasoline is like dirt cheap . . . what is it . . . 2.20? I pay twice that for milk. And for you crying libs don't worry. People that cannot afford milk can always buy kool-aid . . . that builds bones just as well.

In general, the rise in the Dow really means that Billy Joel won't have to wait long to get a buyer for his Centre Island pad.

I have no idea what position you are taking on this...

Really?

Reading is pretty easy...

 

[vi edit]

Soared up about 30 points in the last 20 minutes or so...just about ready to crack 11800...

 

[Strk]

Originally posted by: spidey07
Good news indeed.

You can't stop this roaring economy. :thumbsup:

Nothing says roaring like stagnant real wages!

 

[maluckey]

Nothing says roaring like record governmental revenues. Deficit is being paid down substantially faster than expected. Unemployment is very low, interest rates are low, and despite 12 million souls evading taxation (and killing Social Security), everything is booming. Imagine if those freeloaders actually PAID TAXES like the rest of us...

 

[1EZduzit]

It's an election year people, although I can say I'm getting more optomisitic about the economy the closer we get to the end of Bush's term in office.

 

[ayabe]

Originally posted by: maluckey
Nothing says roaring like record governmental revenues. Deficit is being paid down substantially faster than expected. Unemployment is very low, interest rates are low, and despite 12 million souls evading taxation (and killing Social Security), everything is booming. Imagine if those freeloaders actually PAID TAXES like the rest of us...

Pay down the deficit? Do you know what you are talking about? If you are referring to the national debt, we're not paying anything on it, it's rising, very very fast.

We are reducing the deficit, which means we are spending less of the money that we don't have, i.e. less of China's money.

There is a huge difference between the two.

 

[blackangst1]

What are you people talking about? It's because of the Bush regime the market is doing so well!

(I mean, if it tanked, wouldnt everyone be saying it's Bush's fault?)

 

[Genx87]

I suspect the slowing of the housing market has something to do with this.

 

[vi edit]

15 minutes before the bell and up 121 for the day at 11848...almost 60 points beyond the previous high.

 

[vi edit]

Originally posted by: Genx87
I suspect the slowing of the housing market has something to do with this.

Oil going for under $60 a barrell isn't hurting things...people sold off their commodities and put it into stocks.

 

[Genx87]

Originally posted by: vi_edit

Originally posted by: Genx87
I suspect the slowing of the housing market has something to do with this.

Oil going for under $60 a barrell isn't hurting things...people sold off their commodities and put it into stocks.

True

 

[bobdelt]

Originally posted by: Genx87
I suspect the slowing of the housing market has something to do with this.

What? Slowing of the housing market is typically signs of a recession, not booming stocks.

 

[Bowfinger]

Originally posted by: maluckey
Nothing says roaring like record governmental revenues. Deficit is being paid down substantially faster than expected. Unemployment is very low, interest rates are low, and despite 12 million souls evading taxation (and killing Social Security), everything is booming. Imagine if those freeloaders actually PAID TAXES like the rest of us...

I think you need a reality check. Government revenues reach new record highs almost every year because of inflation and a normal economic growth. You don't "pay down" deficits, you pay down debt. The federal debt continues to skyrocket. Unemployment statistics are artificially low, ignoring the millions of people who have been forced to accept part-time or lower-quality, lower-paying jobs, and those who were employed, would like to work again, but have given up on actually finding employment. Interest rates are hardly low, though they're not bad. Finally, while it's great that the Dow is up, wages remain stagnant, meaning this "recovery" is real for investors, not so real for working stiffs.

 

[Slew Foot]

Originally posted by: bobdelt

Originally posted by: Genx87
I suspect the slowing of the housing market has something to do with this.

What? Slowing of the housing market is typically signs of a recession, not booming stocks.

Investors are pulling money out of RE and into the stock market.

 

[fitzov]

If this means anything it's that the Dow hasn't grown in six years:

Helped by plummeting crude oil prices, the Dow finished at 11,727.34, up 56.99 points, or 0.49% on the day, surpassing the previous record of 11,722.98 that was set on Jan. 14, 2000.