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Dingdingdingdingding! The rally that has swept Wall Street since Sept. 11 - or least since Sept. 21, which is plenty remarkable enough - reached a pair of very nineties technical milestones Wednesday, with the Dow passing 10,000 and the NASDAQ cracking...
...question is, are 10,000 and 2,000 new floors or old ceilings? Wednesday's steady bell-to-bell rally, which left the Dow up another 220 points to 10,114 and the NASADAQ up 83 points to 2046, was impressive in that it wasn't tied to any earth-shattering piece of good news. Well, there was the National Association of Purchasing Management's report on the services sector - 80 percent of GDP - which showed a spike in the NAPM index to 51.3 in November from 40.6 in October. And a bunch of analysts said - surprise! - good things about...
...markets, faced with a Dow 10,000 they'd treated like a warning light all through mid-November, could have heeded, for instance, the Challenger, Gray & Christmas report that job cuts just since Sept. 11 were about to surpass the total for all of 2000. They could have gotten depressed thinking about those three U.S. friendly-fire casualties, or the latest suicide bombing in Jerusalem - or even the fact that those tech-pumping analysts are not exactly the most credible of voices, considering the stake financial services firms have in a lively, upturned market...
...rise in long-term interest rates indicates that bond traders expect higher demand for credit in the next six to nine months as consumers and businesses resume spending. The stock market too tends to rise ahead of the economy; led by cyclical stocks like Alcoa and DuPont, the Dow is up 21%, closing last week at 9960, a decisive shift that qualifies as a new bull market...
...Safstrom, who moved two years ago to a house in Lafayette, Colo., 45 minutes from their hometown of Englewood, Colo. The couple, who met in fourth grade, left the state in 1967 and spent the past 34 years in 17 different homes as Harry moved during his career with Dow Chemical Co. They now live near their siblings and parents. Harry's contacts in his hometown have made it easier for him to set up shop as a management consultant. "We traipsed all over the country for so long that we decided it was time to go back to where...