U.S. stocks rose modestly Tuesday but managed to close at their highest levels in more than two years as investors set their sights on 2011.
The Dow Jones industrial average rose 55 points, or 0.5%, led by gains in shares of American Express, Bank of America and JPMorgan Chase. The blue chip index finished at 11,533, its highest level since August 29, 2008.
The S&P 500 added 8 points, or 0.6%, with Adobe and Jabil Circuit among the biggest winners. The broader index closed at its highest level since September 19, 2008.
The tech-heavy Nasdaq gained 18 points, or 0.7%, to reach its highest level since December 28, 2007.
Stocks are up about 5% this month, with the S&P 500 and the Nasdaq posting gains for 13 of the month’s 15 trading session so far. All three major indexes are poised for double-digit gains for the year.
But as investors close out their books leading up to the holidays, the rest of the year is likely to be pretty quiet.
(Source: CNN Money)
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6 Responses
Stocks are a “leading indicator” which means that when stocks go up, the rest of the economy follows. So this is very good news.
But I guess not as good news as 3 years ago when Bush was president and the dow was at 14,000
It also peaks right before recessions, the stock market is not rational always and therefore you cannot predict future economic events based on moves in the stock market.
CharlieSmall,
And 2 years ago Bush was President and the Dow was at 8579.
Thats because the Dems took control of both the House and the Senate that things started to spiral out of control starting Q4 2006.
BH next month the republicans will take control of the House again, and a BH that Obama extended the BUSH tax cuts.
Yes, but look at the price of Crude Oil!! The dollar is low – How is that for a leading economic indicator?