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January 06, 2006

Dow 11,000: Resistance is, Like, Totally Futile

Hits 10,957 on rally after jobs reports. Apparently those who know something didn't think it was such a mixed report after all:

``The rally is justified,'' said Eric Thorne, who helps oversee $2.3 billion at Bryn Mawr Trust Co. in Bryn Mawr, Pennsylvania. ``The economy continues to be strong enough to keep corporate earnings growth strong, but not too strong that we'll have any sort of intense inflation worries.''

The Standard & Poor's 500 Index added 11.41, or 0.9 percent, to 1284.89 at 2:48 p.m. in New York. The Dow Jones Industrial Average gained 74.92, or 0.7 percent, to 10,957.07. Closes at those levels would be the highest since June 2001 for both the S&P 500 and the Dow. The Nasdaq Composite Index was up 13.41, or 0.6 percent, at 2276.87, heading for its highest since May 2001.

The S&P 500 has increased 3 percent this week, which would be its biggest jump in the first four days of the year since 2003. The Dow average has climbed 2.2 percent. The Nasdaq has gained 4.5 percent as computer-related shares that account for almost half its value advanced. U.S. markets were closed Jan. 2 for the New Year holiday.

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posted by Ace at 04:02 PM

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