Dow closes over 14,000: Nobody blames Bush!

jimpeel

jimpeel

Well-Known Member
http://www.foxnews.com/story/0,2933,298817,00.html

Dow Rockets to All-Time High, Closes Above 14,000
Monday, October 01, 2007

Wall Street began the fourth quarter with a huge rally Monday, sending the Dow Jones industrial average above 14,000 and well into record territory for the first time in 2 1/2 months. Stocks were buoyed by a growing belief that the worst of the credit crisis has past (sic).

According to preliminary calculations, the Dow rose 191.92, or 1.38 percent, to 14,087.55.

The Dow surpassed its closing record of 14,000.41 set in mid-July, and moved into record territory, rising as high as 14,115.51 and eclipsing its previous intraday high of 14,021.95 set July 17.

Broader market indexes also rose sharply. The Standard & Poor's 500 index rose 20.29, or 1.33 percent, to 1,547.04, nearing its all-time trading high of 1,555.90 reached in July. The Nasdaq composite index rose 39.49, or 1.46 percent, to 2,740.99.

While the beginning of the new quarter was an incentive for institutional traders to buy, the market was also encouraged that the worst might be over from the summer's credit and stock market turmoil. And new economic data might nudge the Federal Reserve toward another interest rate cut at its Oct. 30-31 meeting.

Traders bought financial shares on the belief that the industry has generally weathered the recent credit market upheaval. Both Citigroup (C) and Switzerland's UBS AG (UBS) issued third-quarter profit warnings, but indicated the current period might see a return to normal earnings levels.

The market grew more optimistic that the Fed might lower rates to boost the economy after a report showed that manufacturing grew in September at the slowest pace in six months. The Institute for Supply Management said its index of manufacturing activity registered at 52.0 in September, below forecasts for a reading of at least 52.5.

"People are getting more confident there is going to be an October rate cut," said John C. Forelli, portfolio manager for Independence Investment. "To some degree, it looks like Citi kitchen-sinked the quarter, and that from here going forward will be calmer. That's underpinning the financials."

Enthusiasm about acquisition activity picked up after Nokia (NOK) unveiled an $8.1 billion offer to buy navigation-software maker Navteq Corp. (NVT). The deal was seen as a signal that corporations are feeling comfortable in making big moves despite recent market turbulence.
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Veggies are already pricey enough. They keep going up in cost every time theres a freeze... but the prices never seems to come back down.
 
tax cuts get us there & rate cuts pushes us over the edge. look for another cut later this month.
 
hmmm... housing market looks bad... manufacturing is slowing... $CAD is now at par with $USD... infrastructure needs $1.5 trillion in work... oil prices are... yup...

all this looks great.
 
I still think it's props and mirrors.
I think it'll be a whole different story at the first of the year....we'll see.
I still hope I'm wrong, but I just don't see how it can continue, with the importing, and other current policies.
 
2minkey said:
hmmm... housing market looks bad...
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Recovering from the housing boom, maybe?

2minkey said:
manufacturing is slowing...
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It's been doing that since the Reagan administration. :shrug:

2minkey said:
$CAD is now at par with $USD...
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I'd have to see that one...

2minkey said:
infrastructure needs $1.5 trillion in work...
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That one has been coming for 20 years. I blame every administration since Carter. Instead of using the money from the fuel taxes to pay for our infrastructure, the money has been used for other projects.

2minkey said:
oil prices are... yup...
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Been rising since the 50's at an ever-increasing rate. I blame personal consumption more than anything else, though.
 
Gato_Solo said:
I'd have to see that one...
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Wednesday, October 3, 2007

1 US Dollar = 0.99570 Canadian Dollar

1 Canadian Dollar (CAD) = 1.00432 US Dollar (USD)

Interbank rate +/- 0%

This means:
You buy 1 US Dollar : 0.99570 Canadian Dollar
You sell 1 US Dollar : 0.99536 Canadian Dollar
You buy 1 Canadian Dollar : 1.00432 US Dollar
You sell 1 Canadian Dollar : 1.00466 US Dollar

Median price = 0.99536 / 0.99570 (bid/ask)
Minimum price = 0.99098 / 0.99128
Maximum price = 1.00098 / 1.00123

SOURCE

Seven years ago the rate was here:

10/03/2000 0.66240 CAD per 1.000 USD
 
I'm quite pleased that the American dollar came down below the Canadian dollar. It makes ebay even funner for me
 
Yes, the low US dollar made things quite cheap for us recently as well (NZ usually sucks monkey bottoms in the exchange rate).
 
Gato_Solo said:
It's been doing that since the Reagan administration. :shrug:
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i was speaking of more recent/localized shifts in manufacturing. the trend away from a manufacturing-based economy in a larger sense has been going on since well before reagan.

so the real question is what are all these little (!?) thingies going to add up to? greenspan seems to think there's a pretty good chance of recession.
 
We haven't had a hardcore economic downturn is what, 30 years? A couple of bumps in the road since Jiminy left office. Hey, that would be when the hardore taxes began getting cut. Coincidence? I think not.

If only we could find some conservatives to cut spending.
 
Reagan's lament was that he got bamboozled by the dems when Tip O'Neill swore to cut spending. They lied. Spending went up and the resultant deficit was blamed on the guy who was never on the appropriations committee and who never once wrote a single check.

Once again, we have a president, the third -- Kennedy, Reagan, Bush -- who has the guts to admit that taxes are the problem. Watch for a major economic downturn if the dems take the House, Senate, and Presidency.

Of course, they will insist that they inherited the mess; and that there was already an economic downturn under way in the previous administration.

TRemember how they blamed the stock market slump on Bush and how he "lost" 2.5 million jobs? They are awfully quiet now, though, aren't they.
 
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