Dow Hits 3 1/2-Year High on Earnings Hike

[Postmanx]

LINK


NEW YORK (AP) - The stock market barreled higher Tuesday, sending the Dow Jones industrials to a new 3 1/2 year high as two Wall Street firms reported better-than-expected earnings and a brokerage gave tech bellwether Intel Corp. (INTC) a ratings upgrade.

According to preliminary calculations, the Dow rose 97.83, or 0.92 percent, to 10,759.43. It was the best close for the Dow since June 13, 2001, surpassing the previous 2004 high of 10,737.70 set on Feb. 11.

Stocks have climbed steadily since the presidential elections, with good economic data and positive profit forecasts for 2005 assuring investors of further returns. The markets also benefited from the traditional "Santa Claus" rally, as mutual funds and money managers shuffle their portfolio before year's end.

[saracat]

1. Whoopie, Jobless recovery.

[Career Prole]

2. The bigger they are, the harder they fall. n/t

[LSparkle]

3. Wall Street's up, Main Street's down

When does the "trickle down" start???????

[wishlist]

4. Seems like Bush pressure for SS privatization is boosting market

I wonder if some investors aren't counting their chickens before they hatch betting on a huge boost from diversion of SS payroll taxes into stock market (although it may never happen and this current market surge may prove to be an unsustainable bubble)

[zann725]

5. Or they already ARE investing the SS Trust...w/o waiting approval.

Really wouldn't surprise me. Why should they first ask approval?

[Inland]

6. After 3 1/2 years of tax and regulatory gifts and deficit spending,

the stock market is almost back to where Bush started. Well, everyone can't get the boondoggle Halliburton gets.