Word: marching
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Dates: during 2000-2009
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Warren Buffett said that the real estate business his company Berkshire Hathaway owns is seeing a small improvement in housing demand. The National Association of Realtors seemed to confirm his observations when it announced that the index for pending home sales went up in March. This data helped send the stock market higher as it stays true to form by rising on the most modest news...
...dropped does not even begin to offset that. Qualifying for a mortgage is harder than ever. Banks have reason to be cautious. One of the large credit bureaus just released a report that says 4.7% of payments for bank-issued credit cards were late sixty days or more in March, an increase of 38% over the same month last year. According to Reuters, "In March, lenders closed 20 million card accounts, sending the total down by 58 million since the peak in July 2008 to 380 million." Banks will not be lending to consumers as long as there...
...Talk of "green shoots" is everywhere. The stock market is up 34% since early March. Credit market conditions are easing too, if less dramatically. Housing sales are picking up in some of the hardest hit markets, though prices are still dropping. Measures of business activity and consumer sentiment are returning to levels last seen before the great global financial panic of last fall. (Read about the impact of swine flu on the pork market...
Wall Street's number crunchers are happy. Stock technicians, who use mathematical formulas as well as charts and historical data to figure out where share prices are headed, believe the market's rally that started in early March, and has pushed stocks up 36% in less than two months, is here to stay. They say stocks will rise another 10%, before the market stalls. That would leave the Dow Jones Industrial Average at around 9,200, or about where it was in early October, just after the initial $700 billion bank rescue plan was passed by Congress, though still well...
...stocks at a time when they have been rising rapidly. And that could be the case now. The recent rally has left the Standard & Poor's 500 with a price-to-earnings ratio, based on an estimate of 2009 profits, of 15, up from 11 at beginning of March. That means stocks are relatively cheap compared to an average of the past two decades of about 20, but nearly as much of a bargain as they were when the rally started. Still, followers of technical analysis say there are a number of reasons to be bullish now. First...