Reply With QuoteYa.
Wall Street surges after GDP report - Dow rallies 171, posting biggest rise in six months
NEW YORK - A solid reading on the health of the economy gave Wall Street some badly needed reassurance Thursday, sparking a spate of stock-buying that drove the Dow Jones industrial average to its biggest one-day gain in six months after five straight down days.
Before the open, the Commerce Department confirmed earlier estimates that gross domestic product, or GDP, a widely-followed barometer of the countryÂ’s overall economic health, grew at a solid 4.1 percent annual rate during the last quarter of 2003, meeting economistsÂ’ estimates.
“There was no downward revision to the GDP number and that’s really lighting a fire under this market,” said Peter Cardillo, chief market strategist at S.W. Bach, a retail brokerage in New York.
Cardillo added that he thinks the market is moving up from an oversold condition after a corrective phase that has lasted for about nine weeks, as a number of factors have weighed on the market, ranging from high stock valuations to fears about global terrorism.
Alfred E. Goldman, chief market strategist with A.G. Edwards Inc. in St. Louis, agreed.
“We think the correction has probably done its dastardly deed and the primary trend remains up,” Goldman said. “The outlook for the economy remains positive; the forecasts for corporate earnings are up ... I would advise people who are on the sidelines to do some selective buying.”
The Dow Jones industrials closed the day up 170.59 points, or 1.7 percent, posting its biggest percentage rise in six months after five days of losses. The broader Standard & PoorÂ’s 500-stock index finished 17.86 points higher, or up 1.6 percent, registering its biggest daily percentage gain since the beginning of October.
The technology-loaded Nasdaq composite index jumped 57.69 points, or 3 percent, seeing its biggest daily percentage gain in nine months after closing last Tuesday at a new 2004 low. The index has born the brunt of the market's recent decline, and is rebounding more sharply than the Dow average, analyst said.
Buyers snapped up shares in trampled-down sectors. Semiconductor shares rallied, sending the Philadelphia Stock ExchangeÂ’s semiconductor index up nearly 4 percent and lifting other technology stocks, after some positive earnings news in the sector. Airline stocks also rebounded strongly, helped by falling crude oil prices.
Ya.
Short covering...economy still sucks and alot of jobs are leaving. If you believe these numbers to be the total truth remember the Easter bunny is right around the corner.
It seems like we are no better off today than we were just a couple of years ago.
Airline stocks also rebounded strongly, helped by falling crude oil prices.
Huh?? Who is writing this crap.
Economy may seem better but if the inflationary trends continue, it's gonna keep taking a while.
We have been notified by all our rebar suppliers that steel prices have jumped over 50% and all future purchase orders will have a surcharge reflecting this price increase.
So go ahead and add a few percent for all concrete structures.
I'm betting the surcharges for fuel for shipping and over the road equipment services will be in the mail some time this summer.
Our fuel costs for pickups has increased $1000 a month over last year (same number of trucks).
I'm not saying that it is all gloom and doom but that money has got to come from somewhere...and most of that will be in higher bids-- the rest will probably come from the raises we never get...
Oh. From the thread title I though maybe you had bought a boat.
Common if your waiting for a boom like 98 99 your shitin your self cause that only comes around every ten years,
It comes in waves. We cant stay on top forever. We're recovering now and well be fine in two years.
wasn't 87 88 also really productive years followed by slow and recesion?
ok not so much reccesion but ****, everyone keep making that chedda and use it dont just save it. if everyone keeps the $$ rolling we'll hit our next boom in five years.
Just keep Truckin Baby!
Yep. I have been saying it all the time. GDP growth 3.5% - 4.0%, long term rates trend up 50 basis points (0.5%) over the next year, Greenspan won't raise rates untill after the election or till early next year, increased corporate profits and continued week dollar. Of course it can all change in a moment.
Originally posted by SoCalOffshore
Yep. I have been saying it all the time. GDP growth 3.5% - 4.0%, long term rates trend up 50 basis points (0.5%) over the next year, Greenspan won't raise rates untill after the election or till early next year, increased corporate profits and continued week dollar. Of course it can all change in a moment.
Nice safe prediction, Ill buy it.
Looks like bullshit! Reads like bullshit! Sounds like bullshit! Smells like bullshit! MUST BE BULLSHIT! If one more Bush-pushin' clown tells me how great the economy is doin' and how bright the future looks, I'm votin' for Saddam in 2004! Your dollar is still in the crapper (I don't count the "Greenspan 5-min. Band-Aid" fixes or the "Republican Rose-Colored Glasses" edits or the "Sure It Tastes Like Shit, But We're Right" bravado), jobs that are bein' "created wouldn't support a homeless person, much less a family; medical benefits are disappearin' faster than the buffalo did in the 1800s; housing cost is at an all-time high (but the interest rates are down; BIG DEAL! Housing costs have increased an average of 30-50% in the Inland Empire since Jan. 1!); many industries statin' "No raises!" for 2004 ; and so on; and so on; etc., etc. Ya know, I've been known to eat crow once in awhile; but I sure as hell don't like the way this administration is cookin' it! Come to think of it, I don't much like Republican cookin' at all! Never have faired well durin' a Republican administration; don't ever expect too! :yuk:
.....and don't ask me where my info comes from, because it's all from personal experience !
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