Sunday, December 04, 2005

Dow Could Reach 11,000

Economy Strength

NEW YORK (Reuters) - Wall Street bulls are looking for the stock market to resume November's gains this week on continued signs of economic strength despite a slight setback for two of the major indexes. The Dow industrials and Standard & Poor's 500 index snapped a five-week winning streak by Friday's close, while the Nasdaq notched its seventh straight week of gains. But the three indexes finished November with the best monthly gains in four months and saw their best daily increases in a month on Thursday. "I think there's still more upside ahead into (this) week, and as we look at the market beyond near term, I think the surprising strength in the economy is going to help us in the first half of 2006," said Barry Hyman, equity market strategist, Ehrenkrantz, King, Nussbaum.

For the week, the Dow Jones industrial average ended down 0.5 percent, the Standard & Poor's 500 Index ended off 0.25 percent and the technology-laced Nasdaq Composite Index closed up 0.46 percent. Thursday's big gains were partly tied to a report showing an inflation index closely watched by the Federal Reserve -- the core personal consumption expenditure index -- rose just 0.1 percent, only half the gain that Wall Street expected.

[Full Story...]

Note: Crude Oil: $59.32 per barrel.

Aside from all this happy news, the country is doing terrible! *chuckle*

UPDATE 1/9/06: DOW SLIDES PAST 11,000 MARK