Dow Hits 11,000 For The First Time Since May

[sabra]

Source: CNBC

The Dow crossed the psychologically important 11,000 mark as investors anticipated the weak jobs report will prompt the Federal Reserve to spur economic growth.

The Dow Jones Industrial Average rose more than 50 points, rising above 11,000. The last time the Dow was at 11,000 was on May 4, after closing above that level on May 3. The highest close for the Dow this year was on April 26, when the Dow reached 11,205.

...

U.S. nonfarm payrolls fell 95,000 last month, more than expected, mainly due to the loss of government jobs. Private sector jobs rose by 64,000, less than expected. The unemployment rate remain unchanged at 9.6 percent.

Some traders believe the weak report increases the possibility the Federal Reserve will pump more money into the financial system—known as quantitative easing—to help spur growth after a weak jobs report.

Read more: http://www.cnbc.com/id/39573313

[wtmusic]

1. Good news for the election

In a McCain administration: "Dow Hits 7,000 for the first time since 2001..."

[COLGATE4]

2. No, In a McLame/Palin administration: "The Dow has finally

crept over 7000 for the first time in 18 months".

[ProudDad]

3. Corporate Criminals use low/no interest loans

or the cash that's sloshing around in their coffers thanks to downsizing, outsourcing, friendly legislation and subsidies from the democans and republicrats and "productivity gains" (think galley slaves and whips!)...

To buy back their own stock thus increasing its "value"...


Big fucking whoop!

The ONLY direct correlation between real people and the stock market is that as the market goes up, the global misery index goes UP...

[earthside]

4. Why?

Have we reached full-employment?

Has the balance of trade deficit gone away?

Is gasoline back to $1.50 a gallon?

Is the foreclosure crisis over?

Are we going have a balanced federal budget next year?

Oh, I see, the gamblers on Wall Street expect the Fed to pump a few more trillion fiat dollars into the economy ... ah.

Of course, that will probably mean bone-crushing inflation for the rest of us unwashed masses sometime next year, but, hell, who cares about us if the Dow is "surging".

[Ghost Dog]

6. The Wall St. gamblers are eternally innocent of responsibility for any consequences

of their actions. Such is the charm of their rose-pink magic-powder virtual world.

Apparently.

[cbdo2007]

5. Cha-ching!!

[mistertrickster]

7. Wow! It's back up to where it was during Clinton's second term. heh. nt

[Mickeyc1004]

8. Yahoo!!

And I couldn't be happier!! Like many middle class Americans, I have a 401K and I own some stock.

[TexasObserver]

9. Yes, it is a psychologically important water mark.

While payrolls fell by 95,000 jobs, as the story notes, that was due primarily to the loss of government jobs. Private sector jobs ROSE by 64,000.

This tells us the general economy is looking better, but we need to redouble governmental efforts. I've favored both a second stim package and a new jobs program all year. Both could be coupled with a good infrastructure program.

The FED is going to infuse funding into the system, and the end of year uptick in sales is coming. I feel good about the chances for measured improvement between now and January. I believe we will be north of 11,000 in the DOW on New Year's day, a position I've maintained all year.