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Dow Cracks 13,000

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Dow Cracks 13,000

Postby Remember_Me » Tue Feb 21, 2012 12:47 pm

The 2012 bullish-ness rages on...

NEW YORK (AP) -- The Dow Jones industrial average crossed 13,000 on Tuesday for the first time since May 2008, when the Lehman Brothers investment bank was solvent, unemployment a healthy 5.4 percent and the worst of the Great Recession months ahead.

The milestone came about two hours into the trading day. The stock market got the final push from strong corporate earnings reports and a Greek bailout deal intended to prevent the next financial crisis.

The average was above 13,000 for about 30 seconds before dropping back. It reclaimed the mark just after noon.

The Dow last closed above 13,000 on May 19, 2008. The next day, it crossed under 13,000, not to return for almost four years. The Dow fell as low as 6,547 on March 9, 2009. It has almost doubled since then.

The 13,000 level is a psychological milepost, but in a market built on perception, it could influence more cautious investors to pump more money back into the stock market, analysts said.

"You need notches along the way to measure things, and that's as good as any," said John Manley, chief equity strategist for Wells Fargo's funds group.


Link
Remember_Me
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Re: Dow Cracks 13,000

Postby Mean Scenester » Tue Feb 21, 2012 1:27 pm

Whoop-de-fuckin-doo.

In other news, snake oil has now been proven to be 100% more effective than previously believed ...
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Re: Dow Cracks 13,000

Postby Crockett » Tue Feb 21, 2012 2:56 pm

Image

All nominal my friends.
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Re: Dow Cracks 13,000

Postby minicat » Tue Feb 21, 2012 3:04 pm

Look - trickle down is still working great as ever!
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Re: Dow Cracks 13,000

Postby Remember_Me » Wed Feb 22, 2012 12:27 pm

Mean Scenester wrote:Whoop-de-fuckin-doo.

In other news, snake oil has now been proven to be 100% more effective than previously believed ...


I suppose if current economic conditions are of little importance to someone that would justify such a blasé response.

To those with a vested interest in such things as this country's future, cracking 13k, albeit briefly, was a pretty BFD.
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Re: Dow Cracks 13,000

Postby Stebben84 » Wed Feb 22, 2012 12:55 pm

Remember_Me wrote:To those with a vested interest in such things as this country's future, cracking 13k, albeit briefly, was a pretty BFD.


I guess Obama's doing a good job then.
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Re: Dow Cracks 13,000

Postby Crockett » Wed Feb 22, 2012 1:55 pm

Remember_Me wrote:To those with a vested interest in such things as this country's future, cracking 13k, albeit briefly, was a pretty BFD.


Its all nominal returns. In other words, 2012 13,000 isn't your 2008 13,000.

But sure, go ahead and celebrate as the Fed pulls the wool over your eyes, strips you of your purchasing power and makes you happy at the same time.

Ignorance and nominal returns are bliss.
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Re: Dow Cracks 13,000

Postby rrnate » Wed Feb 22, 2012 5:32 pm

Crockett wrote:Ignorance and nominal returns are bliss.


But they're cold comfort when compared to smugness and internet forum bitching.
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