DOW closes at second-highest level ever

[Regis Philbin]

http://apnews.myway.com/article/20060926/D8KCPL801.html

Dow Closes at Second Highest Level Ever


Sep 26, 5:24 PM (ET)

By TIM PARADIS

NEW YORK (AP) - Wall Street surged higher Tuesday, carrying the Dow Jones industrials to their second-best close ever as positive economic data further buoyed a growing sense of optimism among investors. The Dow closed just 53 points away from its record high close.

Stocks, particularly the blue chips, rose after the Conference Board said its consumer confidence index for September rose more than expected, reaching 104.5 from a revised reading of 100.2 in August. Analysts forecast the index would rise to 103.

Also bolstering investor enthusiasm was a report from the Federal Reserve Bank of Richmond that showed the region's economy strengthened this month. The bank's manufacturing index came in at 9 versus 3 in August.

Jack Albin, chief investment officer with Harris Private Bank, said the market's advance reflects widespread investor enthusiasm and a realization that the Federal Reserve might have room to ease short-term interest rates. He pointed to low inflation and the recent nearly 20 percent pullback in oil prices.

[Regis Philbin]

http://www.breitbart.com/news/2006/09/27/D8KDB9IG0.html


Stocks Rise, Dow Nears Record Level


Sep 27 1:28 PM US/Eastern

By TIM PARADIS
AP Business Writer

NEW YORK

Stocks rose and the Dow Jones industrial average neared its record high close Wednesday as investors shrugged off a lackluster durable goods report and appeared satisfied with an increase in new home sales. In early afternoon trading, the Dow was up 39.06, or 0.33 percent, at 11,708.45, about 15 points away from its record high close of 11,722.98.

Broader stock indicators were also up. The Standard & Poor's 500 index rose 2.17, or 0.16 percent, to 1,338.51, and the Nasdaq composite index advanced 5.80, or 0.26 percent, at 2,267.14.

Arthur Hogan, chief market analyst at Jefferies & Co., said he doesn't see the rise in stocks as being short-lived given that the three-week run-up has been based on a range of events, most notably the Federal Reserve's decision to again hold interest rates in place and a decline in price of oil.

"The economy has been doing well and yet the market hadn't been in step with that because we had the specter of high interest rates and rising energy prices.

"As long as we can continue to see that economic data stream remain relatively positive I think we can continue," he said.

The Commerce Department said Wednesday orders to U.S. factories for large manufactured goods fell for a second straight month in August, the first time in more than two years there have been consecutive declines. Demand for durable goods dropped 0.5 percent last month to $209.7 billion.

Some good news came from a report that new home sales rose 4.1 percent in August, their biggest increase in five months. The Commerce Department report raised hopes that a sharp decline in the housing industry could be easing.

[*Katy*]

Thats great! I hope it means that the economy is better than expected, but i'll wait till we see some consistency because that has not been the trend lately.