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-- Stocks at 3 1/2-Year High
Stocks at 3 1/2-Year High
and it shows in my portfolio. i gained a full 1% just today.
Portfolio
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Associated Press
Stocks at 3 1/2-Year High; Dow Gains 108
Friday March 4, 6:34 pm ET
By Michael J. Martinez, AP Business Writer
Stocks Reach 3 1/2-Year High on Strong Jobs Report; Dow Ends Up 108 at 10,941; Nasdaq Gains 12
NEW YORK (AP) -- A surprisingly strong job creation report energized Wall Street Friday, propelling stocks sharply higher as investors grew more confident about the economy and corporate earnings. The Dow Jones industrial average and Standard & Poor's 500 index both reached 3 1/2-year highs on the news.
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Wall Street was elated following the Labor Department's report that 262,000 jobs were created in February, far more than the 225,000 economists expected and the most in four months. Jobs were created throughout the economy, from retail to manufacturing.
Investors worried about inflation and higher interest rates found comfort in the report. The nation's unemployment rate ticked up to 5.4 percent, from 5.2 percent in January. And hourly earnings were surprisingly flat, which means workers' paychecks aren't growing and that businesses may have a hard time raising prices.
"It hit the sweet spot," said Jack Caffrey, equities strategist at J.P. Morgan Private Bank. "You got more people getting jobs, that's the important thing, and you have growth in wages, but not enough to raise fears of inflation. And that's really helping the market right now."
The Dow rose 107.52, or 0.99 percent, to 10,940.55, its best showing since closing at 10,948.38 on June 12, 2001.
Broader stock indicators also moved sharply higher. The S&P 500 was up 11.65, or 0.96 percent, at 1,222.12, the best closing level since the index finished at 1,234.45 on July 3, 2001.
The Nasdaq composite index continued to lag behind the other major indexes, but nonetheless gained 12.21, or 0.59 percent, to 2,070.61, its best close since Feb. 16.
The strong economic data overshadowed another sharp rise in crude oil prices from earlier in the week, along with lingering worries about inflation. Friday's gains pushed all three major indexes to post gains for the week. The Dow rose 0.98 percent, the S&P 500 was up 0.89 percent and the Nasdaq climbed 0.25 percent.
Investors could see Friday's gains as the sharp move higher that many expected after months of uncertainty -- and a fresh push toward 11,000 on the Dow could come in the next few days. The Dow last topped the psychologically important 11,000 level in intraday trading on June 13, 2001, and last closed above the mark, at 11,090.74, on June 7, 2001 -- right as the dot-com bubble was bursting.
Since that time, the 9/11 terror attacks and the wars in Afghanistan and Iraq, a series of corporate scandals and a recession all took their toll, and the Dow plunged to a low of 7,286.27 on Oct. 9, 2002. Economic recovery and strong corporate earnings helped the markets recover in 2003 and last year. Friday's economic data points to continuing expansion and stability.
"We've seen confirmation that the economy is expanding, and that's a very strong tailwind for us to move higher," said Hans Olsen, managing director and chief investment officer at Bingham Legg Advisers. "We still have some headwinds in oil prices and the dollar, but I think we can still run with this."
The bond market welcomed the jobs report by sending most bond prices higher, with the yield on the 10-year Treasury note falling to 4.31 percent. Gold prices also moved higher, while the dollar fell against major currencies. Crude oil futures settled 21 cents higher at $53.78 on the New York Mercantile Exchange.
While Friday's gains were exceptionally strong, analysts warned that the high cost of oil and the falling dollar could make it difficult for the market to maintain these levels without a continued flow of strong economic data. Few government reports on the economy are due next week.
In corporate news, Dow component Johnson & Johnson added 99 cents to $67.74 -- reaching a new 52-week high -- after announcing it will acquire Closure Medical Corp., a maker of medical adhesives, for $370 million. Closure climbed $4.28 to $26.68 on the news.
Embattled electronic data manager ChoicePoint Inc. announced that the Securities and Exchange Commission is investigating stocks sales by its top executives. The company is also dealing with the aftershocks surrounding a severe computer security breach that compromised thousands of customers' private information. ChoicePoint skidded $2.63 to $37.65.
Martha Stewart Living Omnimedia Inc. slid $3.20 to $30.75 as founder Martha Stewart returned to her Bedford, N.Y., home after five months of incarceration for obstruction of justice. She still must serve five months of home confinement, but can resume working.
High-end department store company Saks Inc. saw an 18 percent jump in fourth-quarter profits and earning 67 cents per share, in line with Wall Street expectations. Saks nonetheless fell 58 cents to $15.02.
Advancing issues outnumbered decliners by more than 3 to 1 on the New York Stock Exchange, where preliminary consolidated volume came to 2.13 billion shares, compared with 2.1 billion on Thursday.
The Russell 2000 index of smaller companies was up 6.66, or 1.04 percent, at 644.95.
Overseas, Japan's Nikkei stock average rose 0.14 percent. In Europe, Britain's FTSE 100 closed up 0.43 percent, France's CAC-40 gained 0.74 percent for the session, and Germany's DAX index climbed 1.15 percent.
The Dow Jones industrials ended the week up 98.95, or 0.91 percent, finishing at 10,940.55. The S&P 500 index gained 10.75, or 0.89 percent, to close at 1,222.12.
The Nasdaq rose 5.21, or 0.25 percent, during the week, closing Friday at 2,070.61.
The Russell 2000 index, which tracks smaller company stocks, closed the week 7.42, or 1.16 percent, higher at 644.95.
The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended the week at 12,040.30, up 106.25 points from last week. A year ago the index was 11,314.42.
oh...uh. . . . .ooooh-kayyyyyyyyy. and your point is.....? why is this here?
economies doing great. if u didnt like the topic, u didnt have to post, or coulda just clicked out 
does anyone actually read the whole article? "stocks doing better" there thats all u need to know
sooo 5 means you have 5 shares in a company?
well, if so, i guess its good for starters! 
good luck... i'm down for the year, but no fear, i made a shitload on Apple 
so now i'm rich.
>JM<
lost too much money during the bubble years of 1999/2000 and slowly came to the understanding that it would have been better if I took that money and bought vinyls and/or took a vaction instead of gamble it away in the stock market.
I actually now gamble in things I feel I have an EDGE in( sports ) 
You're better off if you save your money and take a trip to Vegas.
Gamble your money away there. Atleast you'll be entertained and have fun regaurdless if you win or loss.
| quote: |
| Originally posted by Blue Balls lost too much money during the bubble years of 1999/2000 and slowly came to the understanding that it would have been better if I took that money and bought vinyls and/or took a vaction instead of gamble it away in the stock market. I actually now gamble in things I feel I have an EDGE in( sports ) You're better off if you save your money and take a trip to Vegas. Gamble your money away there. Atleast you'll be entertained and have fun regaurdless if you win or loss. |
| quote: |
| Originally posted by JM sooo 5 means you have 5 shares in a company? well, if so, i guess its good for starters! good luck... i'm down for the year, but no fear, i made a shitload on Apple so now i'm rich.>JM< |
| quote: |
| Originally posted by Blue Balls lost too much money during the bubble years of 1999/2000 and slowly came to the understanding that it would have been better if I took that money and bought vinyls and/or took a vaction instead of gamble it away in the stock market. I actually now gamble in things I feel I have an EDGE in( sports ) You're better off if you save your money and take a trip to Vegas. Gamble your money away there. Atleast you'll be entertained and have fun regaurdless if you win or loss. |
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