Dow Jones Breaks Record - 11,727.66

[KarlMarx]

And they did it without the Clintons!!!!

 

[JeffWartman]

Let's keep this confidence up and sustain our economy right now. Changes could be made to our current economic policy, but there's no doubt we are closer to the right track than the wrong track.

 

[KarlMarx]

Closed at 11,850.61 --- another record!

 

[onedomino]

And they did it without the Clintons!!!!

Karl, I am no fan of the Clintons, but let's keep the preformance of our current President and Congress in perspective: the stock market is finally back to where it was when Clinton was in office nearly 7 years ago. The economic performance of this President, and the Congresses associated with his time in office, has been dismal. Think about it: during the past six years, having money invested in broad based equity funds (in which millions of Americans participate) has been the equalivant to stuffing that money under your mattress.

 

[Annie]

Closed at 11,850.61 --- another record!

Agreed:

http://biz.yahoo.com/ap/061004/wall_street.html?.v=37

AP
Dow Hits 2nd Straight Record-High Close
Wednesday October 4, 6:55 pm ET
By Tim Paradis, AP Business Writer
Dow Hits 2nd Straight Record-High Close, Soaring 123 Points to 11,851; Nasdaq Ends Up 47

NEW YORK (AP) -- Wall Street barreled higher Wednesday, propelling the Dow Jones industrials to their second straight record high close as investors shrugged off lackluster economic news and grew more optimistic that the Federal Reserve will lower interest rates as the economy cools.

The Dow, the stock market's best known indicator, soared 123.19, a gain of 1.05 percent, to 11,850.53, according to preliminary calculations. It was only Tuesday that the 30 blue chip stocks finally reached a new closing high for the first time in nearly seven years.

The impetus for Wednesday's big push higher was a growing feeling on Wall Street that the Fed might begin lowering rates soon. Investors appeared to take comfort from comments by Fed Chairman Ben Bernanke that the slowing housing market could be a drag on the economy, perhaps shaving 1 percent off of gross domestic product growth in the second half this year and into next year.

Brian Williamson, an equity trader at The Boston Company Asset Management, said Wall Street could also be taking its cues from economic reports.

"Maybe the market is thinking that the economic data will put the Fed on hold," he said.

The Dow's record-setting day on Tuesday wiped out records that had stood since Jan. 14, 2004. The broader market indicators are still lagging as they try to recover from the turmoil that began with the dot-com bust early in the decade.

Those indexes rose sharply Wednesday along with the Dow. The Standard & Poor's 500 index was up 16.11, or 1.20 percent, at 1,350.22 and the Nasdaq composite index rose 47.30, or 2.11 percent, to 2,290.95.

 

[BaronVonBigmeat]

Of course, readers who ignored our advice to sell stocks in 2000 are still in a losing position, for, even at today's level, the Dow is nearly 20% below its 2000 high in real, inflation-adjusted terms.

http://dailyreckoning.com/Issues/2006/DR100506.html

 

[KarlMarx]

Karl, I am no fan of the Clintons, but let's keep the preformance of our current President and Congress in perspective: the stock market is finally back to where it was when Clinton was in office nearly 7 years ago. The economic performance of this President, and the Congresses associated with his time in office, has been dismal. Think about it: during the past six years, having money invested in broad based equity funds (in which millions of Americans participate) has been the equalivant to stuffing that money under your mattress.

True, I agree. Crediting the present administration for the present performance of the stock market is silly. Just as silly as crediting the Clinton Administration with the stock market performance of the 1990s.In the 1990s, I remember the libs crowing about "the Clinton economy".

 

[gonegolfin]

http://dailyreckoning.com/Issues/2006/DR100506.html

Not to mention that if truthful price inflation numbers were used, the DOW would be more than 20% off of its inflation adjusted high. Priced in other currencies, it is even worse.

Additionally, the Dow is hardly a broad-based measure of the equity markets.

Brian