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According to preliminary calculations, the Dow Jones industrial average finished up 102.55. or 0.90 percent. to 11,518.85. On Jan. 3, the first trading day of the year, the index closed at 11.674.76. Around 2:30 p.m. ET, it reached an intraday high of 11,601.31 before faltering.
The index had been up for the year until a massive slide in late July.
The S&P rose 11.71, or 0.98 percent, to 1,207.25. The Nasdaq ended 21.70 higher, or 0.84 percent, to 2,604.73.
Slovakia, suddenly seemingly Wall Street’s biggest power broker, helped stocks sustain their healthy gains.
The tiny Eurozone member, voted yesterday to reject a plan to shore up Europe’s banks and address the Union’s debt crisis. Though the vote happened after markets close, the major indexes were flat ahead of the move.
The government there fell, and the new one approved the measures today.
The New York Times’ take on Europe and the market:
Analysts said that recent turmoil in the markets had effectively forced European leaders to show real progress in confronting problems related to sovereign debt.
“The market has screamed loud enough to make the European authorities stand up and listen,” said Andrew Wilkinson, chief economic strategist for Miller Tabak & Company.
Investors have been focused almost exclusively on the European debt crisis for weeks amid concerns that if Europe does not resolve it quickly, it could spark another recession.
Aside from Europe, investors were be looking at quarterly corporate earnings. Companies began reporting their results Tuesday. They are widely expected to report higher profits, although the banking sector may show it is beginning to struggle.
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Amazing that so many are on food stamps and living in houses they cannot pay for yet the stock market is up for the year. This is a rich mans recovery brought to you by the Federal Reserve.
Brought to you by the Scoundrels and Thieves in Washington.
How many of the millions of people that Lied on their Mortgage Applications have gone to jail ?
Wow, we are at break-even. Guess the Democratic party should be up for a Nobel Prize
This may be the October to surpass all other Octobers with a crash so deep and wide that no one escapes. That is how the Banksters can finally remove the rest of the wealth from the working class.
The economy continues to improve everyday:-)Now we are at 27 consecutive months of US GDP growth. Good job Mr. President keep up the hard work. In hindsight, Mr. Obama, Mr. Bernanke and Mr. Geithner clearly understood the history of our great Nation and that "as GM goes so goes the Nation." I am thankful that they had the knowledge and foresight to protect the auto industry at all cost in order to avoid a total meltdown of the entire US economy and the World economy. As a tremendous bonus, the auto industry even paid the loans back to the US government ahead of schedule and at a profit to the Treasury. Millions of jobs were saved and the economy was stopped from free falling. These measures were enacted quickly and efficiently and effectively. It took 12 years and a World War to come out of the Great Depression. The economy has been growing along with employment. Additionally, as the overall economy continues to grow each month, even at the current 2% growth rate, the actual number of jobs created and the amount of GDP growth is more now at the current $15trillion GDP than it was at the stagnant $13trillion GDP under Bush.
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