Dow reclaims 10,000 on bigger-than-expected drop in jobless claims and improved retail numbers

[jefferson_dem]

Dow reclaims 10,000
Stocks surge after reports on jobless claims and productivity provide reassurance. Cisco's report and outlook helps techs.

NEW YORK (CNNMoney.com) -- Stocks rallied Thursday, with the Dow industrials topping 10,000, after the government reported a bigger-than-expected drop in jobless claims, and a number of retailers reported improved October sales.

The Dow Jones industrial average (INDU) gained 205 points, or 2.1%, closing at 10,005.81. The Nasdaq composite (COMP) climbed nearly 50 points, or 2.4%.

Both the Dow and Nasdaq saw the biggest one-day percentage gains since July 23.

The S&P 500 (SPX) gained 20 points, or 1.9%.

"Today's big news was that we saw fewer claims for unemployment benefits," said Mike Stanfield, chief investment officer at VSR Financial Services. "That suggests that the underlying economics are continuing to improve."

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http://money.cnn.com/2009/11/05/markets/markets_newyork/index.htm?postversion=2009110516

[MNDemNY]

1. More evidence of the Bush recovery now underway.

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :applause:

[rfranklin]

2. They have fired as many as possible, now they are working...

the last, few initimdated workers to produce the work of three people without compensation. (You're lucky to have the job, so shutup!) Oh yeah, this is a "recovery" alright.

[jefferson_dem]

3. Right. I keep forgetting...

how good economic news is actually bad economic news...

The recovery is underway. That's all.

[girl gone mad]

7. lol

Pass the kool-aid.

[jefferson_dem]

8. You've already consumed it...

Only it's "hater-aid"... :)

Cheer up. Really, it won't hurt.

[rfranklin]

9. Thank you, Pollyanna...

The average Joe has not gained anything in wages since the Reagan administration. In fact, buying power has decreased recently. Benefits have been cut year after year. But let's just grin and bear it, right?

[jefferson_dem]

10. Nobody said your pony was arriving in the mail tomorrow.

Nor did anyone say the economy was fixed and everyone should be all cheery.

This is just the latest example of how posts that highlight signs of economic recovery are quickly met with the debbie downers contingent who will never be satisfied anyway. That's cool. Have a good evening. :hi:

[bluestateguy]

4. and they're going to give it all back tomorrow when the unemployment numbers come out

nt

[Zynx]

6. Expectations for that are not exactly high. If the market gives up its gains it will

probably be due to some disappointing earnings reports, technically induced selling, or some sell off in another part of the world.

[DJ13]

5. Last gasp before double digit unemployment is announced tomorrow

Thats the way the casino operates, pump on half assed PR to get it above a certain amount knowing it will fall the next day.

If it doesnt fall 200 pts tomorrow they're ahead of the game.