New York - Dow Roars Past 10,000 |
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News Source: AP
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New York - Financial and materials shares pulled the stock market higher Wednesday after traders looked for beaten-down names.
In the final hour of trading, the Dow rose 272 or 2.82 percent, to 10,018.
The advance came a day after the Dow broke a seven-day losing streak. The reversal helped draw in traders who are looking for cheap stocks following a 13 percent drop in the Dow since its 2010 peak in late April. Trading volume was light, however, signaling that many skeptical investors were staying out of the market.
Analysts said the pop in stocks didn’t represent a big shift in sentiment about the economy. Instead, markets had just fallen too far, too fast.
“It’s just more of a reaction to a little bit too much negativity,” said Marc Harris, co-head of global research for RBC Capital Markets in New York.
Stocks have fallen for more than two months following a stream of economic reports that haven’t met forecasts. The numbers indicate that the economy is growing, though not as fast as investors had hoped earlier this year.
Jack Ablin, chief investment officer at Harris Private Bank in Chicago, said the forecast from State Street bolstered confidence ahead of earnings for the April-June quarter. However, Ablin said he expected the bounce to continue because so much more earnings news is yet to come.
“I don’t think any investor wants to commit one way or another with the whole string of earnings announcements” due later this month, Ablin said.
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Read Comments (5) — Post Yours »
1
Jul 07, 2010 at 06:09 PM Anonymous Says:Report as Inappropriate
Bla bla bla roller coaster ride next week headlines falls below 10000 ... Etc..
2
Jul 07, 2010 at 06:15 PM A.N. Says:Report as Inappropriate
We already know that the "high freaks" account for some 3/4 of volume. Any movement in the market is more likely attributable to these (sometimes out of control) computer programs rather than any real measure of the economy. Unless, we can separate the "quants" from the living brains it's impossible to predict economic growth from such figures.
3
Jul 07, 2010 at 11:43 PM Anonymous Says:Report as Inappropriate
As long as we read about sharp rallys we know that we are in a bear market as the sharpest market rallys thruout history were during bear markets before you know it we will plunge again and then the printing presses wil be runing again and the stimulas nonsence etc.. Hopfully the us dollar will survive but who knows the roler coaster ride down to unknown levels continues and mist probably it will drop to levels that no one can emagine as of now by the time the market will hit bottom all the rabbis will be saying meshiach is coming and that will be the bottom btw as far as meshiach let Jim come now we don't need a market crash for him to come nor do we need ww3 we want meshiach now!!!!!!
4
Jul 08, 2010 at 12:16 AM Charlie Hall Says:Report as Inappropriate
“ As long as we read about sharp rallys we know that we are in a bear market as the sharpest market rallys thruout history were during bear markets before you know it we will plunge again and then the printing presses wil be runing again and the stimulas nonsence etc.. Hopfully the us dollar will survive but who knows the roler coaster ride down to unknown levels continues and mist probably it will drop to levels that no one can emagine as of now by the time the market will hit bottom all the rabbis will be saying meshiach is coming and that will be the bottom btw as far as meshiach let Jim come now we don't need a market crash for him to come nor do we need ww3 we want meshiach now!!!!!! ”
The US dollar is actually doing much better than it was two years ago.
5
Jul 08, 2010 at 10:01 AM Anonymous Says:Report as Inappropriate
“ As long as we read about sharp rallys we know that we are in a bear market as the sharpest market rallys thruout history were during bear markets before you know it we will plunge again and then the printing presses wil be runing again and the stimulas nonsence etc.. Hopfully the us dollar will survive but who knows the roler coaster ride down to unknown levels continues and mist probably it will drop to levels that no one can emagine as of now by the time the market will hit bottom all the rabbis will be saying meshiach is coming and that will be the bottom btw as far as meshiach let Jim come now we don't need a market crash for him to come nor do we need ww3 we want meshiach now!!!!!! ”
You've been reading Bob Pechter and his voodo shtick .Do yourself a favor and read a little more english spelling .