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Old 03-05-2013, 07:23 PM   #1
phrozen06
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Dow hits new record high: 14,253

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http://www.chicagotribune.com/busine...0,341534.story

Reuters
5:11 p.m. CST, March 5, 2013

The Dow Jones Industrial Average soared to a record closing high on Tuesday, breaking through levels last seen in 2007 and as investors rushed in to join the party in anticipation of more gains.

Signs of a strengthening U.S. economy, continued support from the Federal Reserve, and fairly attractive valuations compared to other assets have boosted the Dow by almost 9 percent so far this year. A strong reading in the U.S. services sector, which accounts for the bulk of economic activity, was the latest indicator of improving demand.

"I'm surprised at the speed of the gains, which have come at a pace that we can't annualize. But stocks are still not expensive, and we can expect to continue getting a reasonable advance from here," said Jim McDonald, chief investment strategist at Chicago-based Northern Trust Global Investments, who helps oversee $760 billion in assets.

Gains came across the board, with 10 of the Dow's 30 component stocks reaching new 52-week highs on a day when 456 securities hit new yearly highs on the New York Stock Exchange. The Dow Jones Transportation Average also closed at a new high after rising 1.5 percent.

About 71 percent of the NYSE stocks closed higher while 67 percent of Nasdaq-listed shares ended in positive territory. About 6.41 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, slightly below the daily average so far this year of about 6.48 billion shares.

The blue-chip Dow's forward 12-month price-to-earnings ratio was at 15.87, compared with 16.99 during the 2007 highs, according to Thomson Reuters Datastream. The S&P 500's price-to-earnings ratio was at 13.5.

Outside the Dow, Google continued its gains with the stock rising 2.1 percent to close at $838.60, an all-time high for the Web giant. Google is the highest-priced stock in the S&P 500.

The Institute for Supply Management's services index showed growth accelerated in February to its fastest pace in more than a year.

Markets have shrugged off the stalemate between the congressional Republicans and the White House over automatic U.S. government spending cuts, known as the "sequester." Other recent headwinds, including political turmoil in Europe, have also been navigated without much pain, with investors using any decline as an opportunity to buy.

"The economy is still expanding and improving despite the risk of higher taxes and lower spending," McDonald said. "While you can never rule out a correction, we don't see the economy or the Fed getting in the way of the market."

Among Dow stocks hitting all-time highs on Tuesday were Walt Disney Co and 3M Co. All 10 of the S&P 500's industrial sector indexes rose, with tech shares among the day's gainers. Just two components ended lower - Coca-Cola and Merck & Co, while Alcoa Inc ended flat.

The Dow Jones Industrial Average shot up 125.95 points, or 0.89 percent, to 14,253.77 at the close. The Standard & Poor's 500 Index gained 14.59 points, or 0.96 percent, to 1,539.79. The Nasdaq Composite Index climbed 42.10 points, or 1.32 percent, to 3,224.13.

Qualcomm Inc rose 2 percent to $67.97 after the world's leading supplier of chips for cellphones said it was raising its quarterly cash dividend by 40 percent. BMC Software rose 3.7 percent to $42.32 and Micron Tech added 3.9 percent to $8.73.

CAUTIOUS OPTIMISM

Shortly after the opening bell, the Dow rose above 14,198.10, the intraday all-time high reached in October 2007, when the world was heading toward the financial crisis. The Dow's previous closing high was set on Oct. 9, 2007, when it ended at 14,164.53.

The broad benchmark S&P 500 is at a five-year high and about 2.3 percent away from its all-time intraday high of 1,576.09.

Equity investors have been welcoming signs of improvement in the U.S. economy, but a big part of the rally that has continued in 2013 without a significant correction is the result of the U.S. Federal Reserve's easy monetary policy and the near zero short-term interest rates since December 2008.

As the market is aware that the cheap money from the Fed would have to eventually end, more investors were growing cautious. While the CBOE Volatility Index, or the VIX, fell 3.8 percent on Tuesday, it is still above lows reached in February.

"It's clear the economy isn't ready to have the Fed leave," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York. "No one thinks we're going into a crisis like we did after 2007, but the sense of play is very telling. Even though people are in the market, they're very cautious and searching for yield.

"The caution is frustrated caution."
In B4 This president is a total failure, he's bad for business and investors, and there's too much regulation.

Oh and he's a socialist too.

Nice try, but we gotcha.
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Old 03-05-2013, 07:30 PM   #2
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In B4 This president is a total failure, he's bad for business and investors, and there's too much regulation.

Oh and he's a socialist too.

Nice try, but we gotcha.
Did it ever occur to you that the bubble is re-inflating?
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Old 03-05-2013, 07:35 PM   #3
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He's a not so good president.

I haven't seen a budget passed under him in awhile. Obama would probably make a fine Indian, but a chief not so much.
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Old 03-05-2013, 08:10 PM   #4
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He's a not so good president.

I haven't seen a budget passed under him in awhile. Obama would probably make a fine Indian, but a chief not so much.
Is that all you got? You sound like a broken record.
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Old 03-05-2013, 08:57 PM   #5
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Every failure is because of Obama.


Every success is in spite of him.
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Old 03-05-2013, 09:08 PM   #6
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Every failure is because of Obama.


Every success is in spite of him.
Haven't heard of any successes.
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Old 03-05-2013, 10:12 PM   #7
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Haven't heard of any successes.
His successes are viewed as failures and failures viewed as successes - all depends on where you sit

http://obamaachievements.org/

Last edited by MDydinanM; 03-05-2013 at 10:13 PM.
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Old 03-05-2013, 10:14 PM   #8
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Haven't heard of any successes.
OBL
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Old 03-05-2013, 10:16 PM   #9
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OBL
wait for it... 3...2...1...
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Old 03-05-2013, 10:16 PM   #10
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So basically nothing....

Obama has overhauled the food safety system FLUFF
Advanced women's rights in the work place AKA CONTRIBUTED TO THE FUTURE FEMALE UNEMPLOYMENT NUMBERS
Ended Don't Ask, Don't Tell (DADT) in our military SEXUALITY HAS NO PLACE IN THE MILITARY, GAY OR STRAIGHT
Stopped defending DOMA in court. IT IS A LAW ON THE BOOKS. YOU CANT JUST STOP DEFENDING A LAW BECAUSE YOU DONT AGREE WITH IT.
Passed the Hate Crimes bill. FLUFF
Appointed two pro-choice women to the Supreme Court. WORTHLESS. IF THEY ARE QUALIFIED, THEIR OPINIONS ARE OF NO CONSEQUENCE.
Expanded access to medical care and provided subsidies for people who can't afford it. AKA, PASSED THE BUCK TO SOMEONE ELSE.
Expanded the Children's Health Insurance Program (CHIP) PASSED THE BUCK TO SOMEONE ELSE.
Fixed the preexisting conditions travesty [and rescissions] in health insurance. ASTRONOMICALLY INCREASED THE PREMIUMS FOR ALL AMERICANS
Invested in clean energy. INVESTED BILLIONS, AND HAS NOTHING TO SHOW FOR IT.
Overhauled the credit card industry, making it much more consumer-friendly. FLUFF
While Dodd-Frank bill was weak in many respects, it was still an extremely worthwhile start at re-regulating the financial sector. BUSINESS KILLER
He created a Elizabeth Warren's dream agency: The Consumer Financial Protection Bureau. FLUFF
He's done a lot for veterans IS THAT WHY THEY ARE ON THE NEWS DEMONIZING HIM?
He got help for people whose health was injured during the clean-up after the 9/11 attacks. HE HAD NOTHING TO DO WITH THAT.
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Old 03-05-2013, 10:17 PM   #11
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In B4 This president is a total failure, he's bad for business and investors, and there's too much regulation.

Oh and he's a socialist too.

Nice try, but we gotcha.
the market is doing great, but um... that doesn't fix the fact that our dollar is still worth much less than what it used to be. when interest rates come back up a little, things will be on the rise better than just a good stock market
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Old 03-05-2013, 10:18 PM   #12
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So basically nothing....

Obama has overhauled the food safety system
Advanced women's rights in the work place
Ended Don't Ask, Don't Tell (DADT) in our military
Stopped defending DOMA in court.
Passed the Hate Crimes bill.
Appointed two pro-choice women to the Supreme Court.
Expanded access to medical care and provided subsidies for people who can't afford it.
Expanded the Children's Health Insurance Program (CHIP)
Fixed the preexisting conditions travesty [and rescissions] in health insurance.
Invested in clean energy.
Overhauled the credit card industry, making it much more consumer-friendly.
While Dodd-Frank bill was weak in many respects, it was still an extremely worthwhile start at re-regulating the financial sector.
He created a Elizabeth Warren's dream agency: The Consumer Financial Protection Bureau.
He's done a lot for veterans
He got help for people whose health was injured during the clean-up after the 9/11 attacks.
so ending DADT in the military is nothing? helping Vets?

That's a big deal to many service members.

Last edited by MDydinanM; 03-05-2013 at 10:19 PM.
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Old 03-05-2013, 10:24 PM   #13
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the market is doing great, but um... that doesn't fix the fact that our dollar is still worth much less than what it used to be. when interest rates come back up a little, things will be on the rise better than just a good stock market
What is wrong with the dollar being valued low?

Interesting article about the dollar by CRS. Some not so bad effects of a decreasing dollar.

http://www.fas.org/sgp/crs/misc/RL34582.pdf
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Old 03-05-2013, 10:26 PM   #14
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This has bubble written all over it, my all metrics the economy is not doing well. The reason people are putting money into stocks right now is because the interest rates are so low it is the only way to get a yield. To pat Obama on the back for this particular fact is really, really ignorant.
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Old 03-05-2013, 10:28 PM   #15
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the market is doing great, but um... that doesn't fix the fact that our dollar is still worth much less than what it used to be. when interest rates come back up a little, things will be on the rise better than just a good stock market
I think sometimes the economy would prefer the dollar being a bit weaker as to attract foreign investors to buy our goods, export, business, and tourism, etc, etc.

I'm no economist though - so just speculating here, that and I read that somewhere. However, I do agree the dollar shouldn't be too low.

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This has bubble written all over it, my all metrics the economy is not doing well. The reason people are putting money into stocks right now is because the interest rates are so low it is the only way to get a yield. To pat Obama on the back for this particular fact is really, really ignorant.
Time to invest in Gold, Silver, and metals eh?

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Old 03-05-2013, 10:28 PM   #16
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This has bubble written all over it, my all metrics the economy is not doing well. The reason people are putting money into stocks right now is because the interest rates are so low it is the only way to get a yield. To pat Obama on the back for this particular fact is really, really ignorant.
Stick to attorneying.
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Old 03-05-2013, 10:30 PM   #17
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Is that all you got? You sound like a broken record.
I'm sure you had a rough day. Relax and take a break. You'll feel better come morning.

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Originally Posted by evolved View Post
Every failure is because of Obama.


Every success is in spite of him.


Not entirely. If Obama is going to credit himself all of the success's then he best credit himself all of the failure's under his presidency. Only right. Rise and fall with your actions and your words.
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Old 03-05-2013, 10:31 PM   #18
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so ending DADT in the military is nothing? helping Vets?

That's a big deal to many service members.
DADT should not have been removed. It should have been modified. Helping the vets? Not according to them. They are being screwed left and right.
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Old 03-05-2013, 10:32 PM   #19
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DADT should not have been removed. It should have been modified. Helping the vets? Not according to them. They are being screwed left and right.
explain

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Old 03-05-2013, 10:33 PM   #20
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DADT should not have been removed. It should have been modified. Helping the vets? Not according to them. They are being screwed left and right.
Let me guess this comes from your vast military experience and all those currently serving members that you are buddy-buddy with?
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