As Some Would Say, Word

[Annie]

http://today.reuters.com/news/artic...338295_RTRIDST_0_MARKETS-STOCKS-US-EUROPE.XML

U.S. stock futures tick up, Dow eyes record high
Wed Sep 27, 2006 6:24 AM ET

LONDON, Sept 27 (Reuters) - U.S. stock futures nudged higher on Wednesday with the Dow Jones industrial average within 100 points of a record high after marking its second-highest close ever in the last session.

Earnings from oil major Chevron Corp <CVX.N> could add support later.

General Motors Corp. <GM.N> will also be in focus after the Wall Street Journal said the auto maker is prepared to tell Nissan <7201.T> and Renault <RENA.PA> that its price for a three-way alliance is a multi-billion dollar payment from the other two firms.

By 0955 GMT, U.S. stock futures were showing gains of between 0.03 and 0.2 percent for the three main indexes <SPc1> <DJc1> <NDc1>.

European shares <.FTEU3> were 0.5 percent higher and eyeing a new five-year peak while Japan's Nikkei <.N225> jumped 2.5 percent.

"U.S. futures are being helped higher by Europe's rally. It's 81 points to go for the Dow to mark its all-time high and there is a real sense that the index has enough buying momentum to test that level in the next few days," said Angus Campbell at Finspreads.

Durable goods orders at 1230 GMT and new home sales data at 1400 GMT top the economic agenda.

Orders for U.S. durable goods are likely to have risen modestly in August, recovering part of July's fall, according to analysts polled by Reuters.

The median forecast was for a rise of 0.5 percent in orders last month, versus a drop of 2.5 percent in July.

Economists surveyed by Reuters also forecast sales of new homes in the United States likely slid 4.3 percent in August, boosting the supply of unsold homes as the U.S. housing sector retreats from its record five-year run.

U.S. stocks were buoyed on Tuesday as an unexpectedly big jump in consumer confidence eased investor concerns about the effect of slowing economic growth on corporate profits.

A second day of gains in stocks also helped push the S&P 500 index to a 5-1/2-year high as shares closely tied to consumer spending underpinned the advances in major indexes.

The Dow Jones industrial average <.DJI> closed up 93.58 points, or 0.81 percent, at 11,669.39, just below January 2000's record peak of 11,750.28.

The Standard & Poor's 500 Index <.SPX> ended up 9.97 points, or 0.75 percent, at 1,336.34. The Nasdaq Composite Index <.IXIC> finished up 12.27 points, or 0.55 percent, at 2,261.34.

 

[RyzinEnagy]

http://today.reuters.com/news/artic...338295_RTRIDST_0_MARKETS-STOCKS-US-EUROPE.XML

Word...

I guess that means it's time for some more of this... ...since there isn't much of this coming from the liberals anymore.

 

[onedomino]

K., while pleased that Wall Street is nearing its all-time high, I would not say its something to write home about. The all-time high was six years ago.

 

[Annie]

K., while pleased that Wall Street is nearing its all-time high, I would not say its something to write home about. The all-time high was six years ago.

I know and am assuming that the economy is not going to keep going up, though the Dow tied the high today, then dropped.

 

[KarlMarx]

K., while pleased that Wall Street is nearing its all-time high, I would not say its something to write home about. The all-time high was six years ago.

The all time high for the DJIA was 11,722. Yesterday's close was 11,718.

Close enough for government work!

Several years ago, the libs claimed that the Clinton Administration was responsible for the economy of the 1990s. They used the DJIA rising to its all time high as one of their reasons.

A few years ago, the libs were moaning about Bush's handling of the economy.... I haven't heard that one in a while....

 

[Annie]

K., while pleased that Wall Street is nearing its all-time high, I would not say its something to write home about. The all-time high was six years ago.

Well seems the 'good news' may be better. There are links and charts at site:

October 6, 2006
Update on the Federal Budget Deficit

The Mark Foley micro-scandal can't change the fact that the American economy is going great guns. The 2006 budget deficit figures were just released, and the deficit is not only getting better, it is now relatively small by historical standards. Most news stories don't mention that fact, but this one did:

Budget Deficit Drops to $250 Billion
By ANDREW TAYLOR , 10.06.2006, 01:53 PM

The federal budget deficit estimate for the fiscal year just completed has dropped to $250 billion, congressional estimators said Friday, as the economy continued to fuel impressive tax revenues.
...
The improving deficit picture - Bush predicted a $423 billion deficit in his February budget - has been driven by better-than-expected tax receipts, especially from corporate profits, CBO said.
...
At 1.9 percent of gross domestic product, the 2006 deficit registers far below those seen in the 1980s and early 1990s. The modern record of 6 percent of GDP came in 1983 and deficits greater than 4 percent in 1991 and 1992 drove Congress to embark on a 1993 deficit-cutting drive.


I was amazed to see some historical perspective like this. The standard technique is to cite the absolute size of the deficit to make it sound much bigger than it really is. But what you need to know is the size of the deficit relative to the GDP, and that number is down to 1.9%.

For even more perspective, here are the deficit figures going back to 1976 (negative numbers represent a deficit, positive numbers represent a surplus):



We are now well below the the average budget deficit over the last 30 years, which is 2.6%. And look at that trend over the last 3 years. It's better than anyone predicted as recently as 6 months ago. You can see that we had a surplus during the Clinton years, but everyone agrees that it was an illusion due in large part to the stock market bubble that finally burst shortly after Bush took office. The end of that speculative market, the attacks of 9/11, and the subsequent wars in Afghanistan and Iraq all took their toll on the federal budget. Viewed in that light, it is simply amazing that the deficit is as small as it is now.

Oh, and here is another trend you've probably heard about:

This graph shows the Dow Jones Industrial Average from 1997 up to today. The market peaked in the year 2000, but then the bubble popped. As you can see, though, the market has been on its way back for a while now, so much so that it is in record-setting territory once again.

Let's see, GDP growth is strong, productivity is way up, unemployment is low, family incomes are rising, inflation is down, the stock market is up, and the federal deficit is down. Yet polls show that we are about to put more Democrats into both the House and the Senate. That should fix all of these economic problems, real quick.

posted by Engram | 10/06/2006 03:41:00 PM

 

[insein]

The all time high for the DJIA was 11,722. Yesterday's close was 11,718.

Close enough for government work!

Several years ago, the libs claimed that the Clinton Administration was responsible for the economy of the 1990s. They used the DJIA rising to its all time high as one of their reasons.

A few years ago, the libs were moaning about Bush's handling of the economy.... I haven't heard that one in a while....

I guess you just tune them out like me then. They still whine.

http://www.democrats.us/beta/forum/view_forum.php?id=15

 

[LuvRPgrl]

K., while pleased that Wall Street is nearing its all-time high, I would not say its something to write home about. The all-time high was six years ago.

Yes , but that high was achieved through speculation on future earnings of .com business which mostly didnt pan out and wound up going belly up. This market high is being achieved on real earnings.

That market was phenominal, until many people lost fortunes. The two highs are good comparisions. The clinton market was a bunch of smoke and mirrors , celebrations and pomp, and nothing sustainable or real came of it. WHile the Bush market hasnt been heralded so spectacularly, but nontheless, it is built on real wealth, sweat and hard work.