The Dow Breaks 10,000…Again

Stocks suddenly seem popular again. The stock market had a very strong day yesterday. The Buy List is now down just a little over 1% for the year. Even though the market had several decent days over the past two months, we’ve had an awful time with follow-through.
This time, however, looks to be different. The futures are pointing higher thanks to a decent report on job loss claims. The government said that initial claims for unemployment fell to 454,000 last week, which was 11,000 below estimates.
I don’t think the market is that excited by a slightly better-than-expected job loss claims report. Instead, I think the market is looking for a reason to rally and it’s latching on to whatever’s out there.
The other big news is that the Bank of England and the European Central Bank both left interest rates alone. The Brits are at 0.5% and the ECB is at 1%.
Reuters reports:

The global private banking sector has the potential to grow by 60 percent if it can get hold of about $10 trillion in untapped wealth, held back by depressed returns and lack of investor trust, Scorpio Partnership said.

That’s a very big if.

Posted by on July 8th, 2010 at 9:36 am


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