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April 23, 2007

Dow 13,000 So Close, And Yet... Well, No, It's Just Plain So Close

12,960.

The index is in the middle of one of its longest streaks of gains (interrupted by only one down day) ever. Not since fifteen years ago did the Dow gain 15 out of 16 sessions, and not since 1927 has it had a longer streak.

This comes less than eight weeks after stocks seemed on the verge of a meltdown. The Dow plunged 416 points Feb. 27 in response to an 8.8% stock decline in China that fanned fears of global financial contagion.
Janna Sampson, portfolio manager at OakBrook Investments, credits the ability of U.S. companies to top first-quarter profit forecasts as a prime reason for the rally. It suggests the economy, hobbled by a housing slump, is not in as bad of shape as people think. "People had gotten way too pessimistic."

Gee, I wonder what on earth could account for that?

posted by Ace at 02:09 PM

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Janna Sampson, portfolio manager at OakBrook Investments, credits the ability of U.S. companies to top first-quarter profit forecasts as a prime reason for the rally. It suggests the economy, hobbled by a housing slump, is not in as bad of shape as people think. "People had gotten way too pessimistic." Gee, I wonder what on earth could account for that? posted by Ace at 02:09 PM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments nurse ratched, garbage: "I'd still like it if biden were to spontaneously c ..." 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