posted on October 10, 2003 07:09:55 AM new
The economic outlook is looking better. Hope it continues this way. Number of people filing for unemployment benefits are down. Stock markets getting better too.
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Reported on Yahoo News - Business Section
By MEG RICHARDS, AP Business Writer
NEW YORK - Powered by a streak of upbeat earnings and economic news, Wall Street surged higher Thursday, completing a remarkable year that saw the major indexes make a stunning rebound from the depths of the three-year-long bear market.
As of Thursday's close, the Nasdaq composite index had recovered an impressive 71.6 percent of its value since Oct. 9, 2002, while the Dow Jones industrials were up 32.9 percent and the Standard & Poor's 500 index had regained 33.7 percent.
A Labor Department report suggesting the pace of layoffs has slowed fed the market's good mood, especially after a spate of mixed economic news in recent weeks.
A year ago, on Oct. 9, 2002, the Nasdaq was at a six-year low of 1,114.11.
But the market got a lift from the government's report that new claims for unemployment insurance fell last week to their lowest level in eight months. Analysts said a decline in the pace of layoffs could signal companies are more hopeful about the recovery's staying power.
Solid retail sales reports from Wal-Mart Stores Inc., Gap Inc. and others also contributed to the market's positive tone.
Investors are also focused on third-quarter earnings, which have delivered mostly positive news so far.
The Russell 2000 index, a barometer of smaller company stocks, rose 5.66, or 1.1 percent, to 521.34.
So.....keeping fingers crossed here that we're headed in a positive direction.
[ edited by Linda_K on Oct 10, 2003 07:13 AM ]
posted on October 10, 2003 06:27:49 PM new
I hate to disagree with you Linda but I don't see the economy getting any better. Most of these numbers are smoke and mirrors. It doesn't show those that are off their unemployment and still not working. It doesn't show those that went back to work for much less then they were making.
I think it will be quite a while before the economy real picks up.
BTW, it’s no particular President of Parties faulty. It's a group of unrelated events that have caused the downturn.
posted on October 10, 2003 07:05:27 PM new
Colin - Now I understand you've had a so-so kind of day....but don't go raining on my parade.
The stock market has greatly improved from last year. Many who have 401Ks are going to notice the improvement.
On the smoke and mirrors comment, I just don't agree. The unemployment numbers have gone down for the last two months. No GREAT improvement, I agree, but at least it's not continuing to worsen.
