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Posted on 10/14/2009 2:54:06 PM PDT by SeekAndFind
NEW YORK (Dow Jones)--U.S. stocks rallied Wednesday, with the Dow Jones Industrial Average pushing above 10000 for the first time in a year on better-than-expected quarterly reports from Intel and JPMorgan Chase, and as improved retail sales data lifted Caterpillar and a wave of other industrials.
Since hitting a 2009 closing low of 6547.05 March 9, the Dow has tacked on 53% in the past seven months. For Wednesday, the index closed up 144.80 points, or 1.47%, at 10015.86, marking its biggest one-day gain since Aug. 31. The measure hadn't traded at 10000 since Oct. 7, 2008, and hadn't closed above 10000 since Oct. 3, 2008. Still, the index is off 29% from its record closing high of 14164.53 hit on Oct. 9, 2007.
Setting off Wednesday's gains, JPMorgan Chase tacked on 1.50, or 3.3%, to 47.16, as its third-quarter earnings surged on strong investment-banking revenue. Earnings from Citigroup and Goldman Sachs are on tap Thursday, and Bank of America is to report Friday, with all three firms getting a big boost along with the broader banking sector, thanks to JPMorgan's report. Citi closed up 17 cents, or 3.5%, at 5; Goldman rose 5.05, or 2.7%, to 192.28; and Bank of America gained 78 cents, or 4.4%, to 18.59.
The Standard & Poor's 500 closed up 18.83, or 1.75%, to 1092.02, marking its seventh gain in eight days and its biggest one-day point gain since July 23. The index was paced by financials, which closed up 3.4%.
Technology was also strong, with the Nasdaq Composite up 32.34, or 1.51%, to 2172.23.
Technology was boosted by Intel (Nasdaq), up 34 cents, or 1.7%, to 20.83, after posting third-quarter earnings and revenue above Wall Street expectations, with the chip maker also issuing a revenue forecast for the current period above Street views.
(Excerpt) Read more at online.wsj.com ...
Suckers, please invest your money with the Super Limousine Liberals who control the markets, go ahead, enjoy the fake bubble while Goldman Sachs allows it to grow.
WTF?
Just further to drop once it does.....
Good. I recently got laid off; hopefully I’ll still be able to cashout my 401k before this depression rally heads south again.
Great way to make stock look good in an insolvent company like most all the banks.
Example, you have a 2005 250k Las Vegas home now worth 60k. Instead of reflecting the current 60k value to stock holders, they are permitted by the Democrat laws to make believe it is maybe 260k. They can play the game as long as they keep the loan and don't sell the asset.
Shades of Enron by way of Democrats playing with the laws again.
Wait a minute, I thought last year folks here were saying it was a good thing to get rid of mark to market rules. Now folks are pooping on it, which way do ya’ll want it?
FAKE MARKET!
Time to bring out:
The economy is good on wall street, but not on main street.
already doing it
We have 15 houses on this street.
two guys have lost their jobs in the last two month, one woman is not paying bills due to having no money as she was laid off 5 months ago(we’re in FL and she has no A/C)
Two others have hours cut.
next street is a foreclosure
yep the market really helps the average blue collar worker and neighborhood
NOT
are you worse off than two years ago?
I am and we’re holding off on everything until this idiot goes, if the left want to keep spending on their credit cards then fine, let them get more into debt as it just shows how dumb they are.
I bet Soros is having a field day with the market.
before the election it tanks and then it now goes up at a time when
Retail sales down
foreclosures up
unemployment up
dollar weaker
businesses cut more inventory
it goes on and on and the market is up
someone is making a killing and it is not your average guy/gal
Of course JNJ was down anyway. I wish I’d never bought that dog. And why the hell I sold FCX I wish I knew. Lessons learned.
OTOH, JPMorgan Defaults May Signal More Record Card-Industry Losses
I don't understand this. Either some investors are delusional, or they know something I don't.
This is so utterly meaningless (or worse). It makes no difference if the market goes up if the value of the dollar goes down. It’s still inflation. Notice the price of oil going up, up, up. It’s bad enough that few are left with jobs, but when they make decent money but it buys nothing, look out!
Let the good times roll! /s
Over 59 1/2?
One thing we are spending on,a little at a time,is non perishable foodstuffs.Mostly a variety of canned and/or ready to eat things. With planning and patience, you can get a nice variety of items for future meals.
same here
we can only afford the store brands right now and we never get out to eat.
family of 5 and spend over 50 dollars for a meal is way too much for us
No, but the one-time screwing I will take from the IRS for cashing out now will be less than the future loss from the next crash. For that matter, I don't trust them not to confiscate money held in 401k's and replace them with T-bills or some such BS if they get real desperate (which they will, as revenues continue to collapse).
I'd rather cash out now, take my lumps, and park what's left in some undeveloped acreage with some hardwood trees on it.
Roger that. We never eat out anymore either. We don’t even order out for pizza anymore; I’ve taken to making homemade pizza from scratch. Just as good, 1/2 the cost, and it’s fun for the kids to get their own little pizzas with their own favorite toppings. I hate that I’m hurting our local mom-and-pop pizza place, but what can I do?
This stock market is being artifically propped-up by a cratering dollar and illegal Fed games with the big banksters. It’s all smoke-and-mirros. There is NOTHING of substance underneath it, and when their game ends, the crash is going to be worse than you can even imagine.
As Denninger likes to say, you can’t argue with the math. They simply cannot keep this game going forever. And there can be only one outcome when the borrowing and printing of money ends.
My prediction for this year’s Christmas sales. I think every manager in retail will be singing this soon.
http://www.youtube.com/watch?v=lUyuGFoiWJ0
There has been a couple of times in the past few months when I was the only customer seated at any table during my meal. Service was good, but felt very strange.
Strange world we live in where people cheer monetary inflation.
we made pizza with the kids and had a great time doing it, so much so the kids are wanting to do it all the time
we’ve really cut down and cannot do what we used to do , never went on vacation this year, watch every penny so when I hear the loony left say how great the times are now it drives me nuts
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