October 23, 2006

I Knew the Markets Had a Very Good Day

Filed under: Business Moves,Economy,Taxes & Government — Tom @ 4:34 pm

….. when I received this tersely worded CNN e-mail alert, in its entirety:

Dow closes at record high.

Yeah, I guess (link and text was replaced with market closing info when I found it; oops, the second round read like a close but it must have been a minute or two before; THIS one’s got the real closing numbers  — zheesh):

The Dow Jones industrial average climbed 114.54 points, or 0.95 percent, to end at 12,116.91, a record high. The Standard & Poor’s 500 Index added 8.42 points, or 0.62 percent, to finish at 1,377.02. The Nasdaq Composite Index advanced 13.26 points, or 0.57 percent, to close at 2,355.56.

It must have really hurt that e-mailer to type that.

Now I’m waiting for someone to say that the markets are fired up because investors think control of Congress will change hands. Perhaps it’s really because investors are either starting to believe that control really won’t change, or as Jim Cramer has said recently, that it doesn’t really matter.

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