Wednesday, March 6, 2013

It’s a stampede! Bulls go berserk in Street, trample Dow record

Yes folks, Wall Street is back and bigger than ever.  The NY Post reports that traders high-fived as the Dow Jones industrial average achieved an all-time high yesterday — an almost unimaginable feat just five years ago, when the nation was mired in its deepest slump since the Great Depression.

After a roaring start, the blue-chip index closed up 0.9 percent to 14,253.77 — blowing past its previous record of 14,164.53 set in 2007 before the housing collapse and credit crisis tanked the stock markets.  The Standard and Poor’s 500 index also surged yesterday, rising 0.96 percent, or 14.59 points, to close at 1,539.79. 

Soaring stocks have spurred hopes that the worst of the downturn may finally have become a thing of the past.  “Stronger earnings and much lower interest rates mean this is a much cheaper market than it was five years ago,” said David Kelly, chief market strategist for JPMorgan’s funds group....

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