Thanks to the great work of President Obama and his administration, U.S. Stocks along with crude ended this week at the highest level ever in 2009!!!
Republicans are looking pretty bad as they cry their crocodile tears over our Country's success! Their leader Limbaugh advocated he wanted our President and our Economy to fail! Guess What! The economy is succeeding NO THANKS TO LIMBAUGH and his right wing extremists!
MarketWatch Reports:
NEW YORK (MarketWatch) -- U.S. stocks on Friday rallied to finish at 2009 highs, with energy shares pacing the gains as the price of crude-oil futures also spiked to a their highest level this year. Unexpectedly positive data on the housing front supported the gains. The Dow Jones Industrial Average
(INDU 9,506, +155.76, +1.67%) added 155.91 points, or 1.7%, to 9,505.96. The S&P 500 /quotes/comstock/21z!i1:in\x (SPX 1,026, +18.76, +1.86%) added 18.76 points, or 1.9%, to end at 1,026.13. The Nasdaq Composite Index /quotes/comstock/10w!i:dji/delayed (INDU 9,506, +155.76, +1.67%) rose 31.68 points, to 1.6%, to 2,020.9
As I pointed out earlier this recession has lasted longer than the average in recent history so perhaps this was just the normal business cycle type of recovery as seen in earlier recessions. The unique things that occurred this time beginning with Bush's bailout of the banks to get money flowing again, the cash for clunkers $3500-$4500 give away, and the $8,000 credit for first time home buyers. What will happen when the former ends Monday and the latter ends this fall? We all hope the market continues to go up and that unemployment, the most important measure, begins to recede. Still a major worry will remain as a result of the debasement of our currency which has many across the world wondering whether the dollar still deserves a AAA rating. Others think this may be the time to move to a Euro standard.
ReplyDeleteYou want crude to be high?
ReplyDeleteUltima,
ReplyDeleteYou should thank President Obama for getting us out of the mess that Bush got us into.
No Thank you from you?
Dee wrote, "No Thank you from you?"
ReplyDeleteDon't get me started on this. That's his job isn't it? Does he need a thank you or "Good Job" for doing his job? Let's not count our chickens before they hatch; after all 9.4% of Americans looking for work still can't find a job and some continue to forecast that number will go higher. And now Obama et. al. have confessed that the ten year increase in the deficit will be 9 trillion rather than the lower estimate they made earlier.
We all want the economy to improve. How much control any Administration has over these things is an open question? Maybe it was the Federal Reserve not the Administration that enabled us to begin to slow the decline.
Game over for the recession? -- Wall Street data is signaling that it's the end of the recession - Reuters.com
ReplyDeleteReuters.com
Housing and consumers may drive rally next week
August 21, 2009
Housing and consumers may drive rally next week
http://www.reuters.com/article/hotStocksNews/idUSTRE57K5CQ20090821
Some excerpts :
Wall Street inches up, off day's highs after bonds rally
Oil hits 10-month high on recovery hopes
NEW YORK (Reuters) - Is it game over for the recession? Or will consumers stay in hibernation?
Investors will watch next week's new home sales and consumer data to see if the economy's recovery is on track and whether U.S. stocks -- now at 2009 highs -- will extend their rally.
On Friday, Wall Street got more confirmation that the economy is on the mend with a report showing existing home sales in July rose 7.2 percent -- the fastest pace in nearly two years and a sign that housing is pulling out of a three-year slump. The data, combined with stronger-than-expected second-quarter earnings, pushed the Standard & Poor's 500 and the Nasdaq to the highest levels since last October.
So the report on new home sales for July, due next Wednesday, is likely to get more scrutiny than usual from investors who want proof that the rally has been driven by more than hope for an economic turnaround.
"What we've seen so far has been data signaling that it's the end of the recession," said Kevin Caron, market strategist at Stifel, Nicolaus & Co in Florham Park, New Jersey.
Milenials.com
Vicente Duque