Fox: Wall Street "in ebullient mood as Dow hits five-year high," Day 2

[Bush_Eats_Beef]

Stocks End a Strong Week Higher
Friday, March 17, 2006

NEW YORK — Wall Street closed on Friday in an ebullient mood as the Dow Jones industrial average finished a strong week as it hit a five-year high for the second day in a row. All the major indexes finished the week with sturdy gains as traders showed optimism about recent economic data on inflation, housing and retail sales.

Based on the latest available data, the Dow Jones industrial average was up 26.41 points, or 0.23 percent, at 11,279.65, its highest close since 11,257.24 on May 22, 2001. The Standard & Poor's 500 Index was up 1.92 points, or 0.15 percent, at 1,307.25. The Nasdaq Composite Index added 6.92 points, or 0.3 percent, to 2,306.48. A rebound in manufacturing activity and lower oil prices, combined with activity in home building, industrial and interest-rate sensitive stocks, drove the rally that pushed the market. Homebuilding stocks were up nearly 8 percent on the week.

The market also drew on the Fed's optimism about the momentum the economy is carrying into spring. Adding to the positive mood was a prediction by The American Bankers Association's on Friday that the Fed is likely to wrap up its campaign to boost interest rates by midyear.

The U.S. central bank has raised benchmark rates in 14 straight small steps dating to June 2004 as it sought to bring them to more normal levels from an ultra-low 1 percent put in place amid the sluggish recovery from the 2001 recession. Hiring gained ground in February with employers adding 243,000 jobs, the most in three months, according to a report released by the Labor Department. The report showed that job gains were fairly broad-based and suggested the jobs climate is gaining momentum.

http://www.foxnews.com/story/0,2933,188221,00.html

[LSparkle]

1. But how's Main Street doing?

I'm SOOOOO glad the Wall Streeters will probably have a second bottle of Dom tonight but I'd feel a heckuva lot better if the folks on Main Street could also afford a second six-pack.

[quiet.american]

5. I hear you. n/t

[Cobalt Violet]

7. More and more people are priced out of the food market.

Prices for gas are going up again on Main St.

[TechBear_Seattle]

8. I would be happy if more Main Streeters could afford a gallon of milk.

Too many well paying jobs are being outsourced. Too many families have both wage earners working low-paying jobs, leaving them too tired to be involved parents the few times they are at home. Too many basic costs of living -- rent, food, gasoline -- are priced higher than many can afford. Too many schools are having to cut back academic and extra-curricular programs that, when I was in high school 20 years ago, were considered to be of vital importance. Too many people have been forced to pay for too much on credit, making the already precarious high-wire act of "getting by in America" ever more dire; all while Congress and its puppet master lobbyists have been dismantling the safety net.

As long as it costs a minimum wage hour to buy a chicken or a pound of meat or bag of apples, the economy is doing extremely poorly, no matter what's going on on Wall Street.

[Bush_Eats_Beef]

9. Tunnel vision, isn't it?

Limbaugh and others have been making noise about how the economy is "roaring" but we're all too negative to sit up and take notice.

Disgusting.

[jsamuel]

2. "As Bush's numbers fall and impeachment looks more likely, the DOW rises."

confidence in the US economy improves as we get closer to getting a new president in office and a new congress for that matter

[quiet.american]

3. self-delete

[enid602]

4. Iran

Wait 'til Monday when the Teheran Bourse opens, or not.

[Bob3]

6. so if you held onto the stock - you're worse off

than if you'd put the money in a bank at 3%. Over 5 years you've increased your wealth by a staggering 0.19%. This is good news? Well compared to everything else I guess it is.