Tuesday, April 13, 2010

Black Monday

The Dow Jones average passed 11,000 yesterday.

The move was the latest marker in a rally that has brought Wall Street back from the brink. It came as investors welcomed a long-awaited rescue plan for Greece and amid signs that American companies were poised to report strong first-quarter profit.

By the end of trading, the Dow had risen 8.62 points, or 0.08 percent, to 11,005.97 — its highest level since September 2008.

“Nobody ever thought we’d ever get near this level this fast,” said William J. Schultz, chief investment officer for McQueen, Ball & Associates. “Lacking any negative news out of companies, the rally will likely continue.”

That’s up over 3,000 points since the depths of recession, a little over a year ago.

Somehow, though, this will be considered by the Villagers to be bad news for President Obama, the Democrats, and the failed stimulus package.