Modbert
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CNNMoney.com Market Report - Jul. 30, 2009
NEW YORK (CNNMoney.com) -- Stocks surged Thursday, hitting their highest levels in nearly 9 months, as investors eyed the latest batch of better-than-expected profits and forecasts and a report that suggested the labor market is starting to stabilize.
But wait, I thought all these people said because of Obama this recession is going to last 20 years.![Eek! :eek: :eek:](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
So what this news mean to you? Reactions? Thoughts?
NEW YORK (CNNMoney.com) -- Stocks surged Thursday, hitting their highest levels in nearly 9 months, as investors eyed the latest batch of better-than-expected profits and forecasts and a report that suggested the labor market is starting to stabilize.
The Dow Jones industrial average (INDU) rose 83 points, or 0.9%, according to early tallies, ending at its best level since Nov. 4. It was also the highest close for the blue-chip index in 2009.
The S&P 500 (SPX) index added 11 points, or 1.2%, ending at its highest point since Nov. 4.
The Nasdaq composite (COMP) gained 16 points, or 0.8%, to reach its highest close since Oct. 1.
Stocks drifted for the first three sessions of this week, as the recent euphoria that lifted markets faded out. The major gauges all gained between 11% and 12% in the previous two weeks as investors welcomed a spate of better-than-expected quarterly results.
"The market is finally getting its arms around the fact that we are close to being out of this recession," said Burt White, chief investment officer at LPL Financial.
White pointed to three supporting factors: the drop in the continuing claims portion of the weekly jobless report, the cumulative effect of better profit reports, and lessening fears about a slowdown in Asia and the global economy.
But wait, I thought all these people said because of Obama this recession is going to last 20 years.
So what this news mean to you? Reactions? Thoughts?