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Economy

Economic Data (USA)

Friday, January 06, 2006

All 3 Majors Gain Once Again As The Dow Closes On A Return To 11K

So far, 2006 has been a great year for the New York markets, as all 3 major indices have enjoyed gains on every trading day since the new year. The Dow Jones Industrial Average (DJIA) is close to returning to the 11K mark, and could easily get there by next week.

Most economists agree that optimism related to predictions that The Fed will soon cease their interest rate raising regimen is having a positive and sustained effect on the market.

Google enjoyed another impressive gain today, rising by $14.42 to close @ $465.66 per share. That's another record high for Google. The list of analysts who are predicting great things for Google's stock continues to swell, so don't be surprised if the stock breaks more records next week.

The Age of Pension Plans Is Over?
IBM predicts that the company will save $3 billion over 4 years by freezing its pension plan for U.S. employees, a move that we will most likely see imitated by other companies across the country. Pension plans are on their way out, as corporate America is choosing instead to focus on 401(K) plans for employees.

Stock in IBM climbed by $2.45 to close @ $84.95 per share.

Yahoo added $1.68 to close @ $43.21 per share.

Same-store sales for December, 2006 climbed by 5.8% for Best Buy; stock in Best Buy gained $3.55 (8.2%) to close @ $47.05 per share.

Salesforce.com gained $3.79 to close @ $39.85 per share.

Ashland Inc. gained $5.05 to close @ $64.11. Ashland is America's biggest road construction company.

Demand pushed Nymex Crude Oil Future to $64.21 per barrel today. Exxon-Mobil added $1.15 to close @ $59.43 per share as a result.

Gold's resolve to reach new heights remains unabated, closing @ $538.80 today in New York. All that scrap gold laying around the house is starting to look interesting, eh?

Today's Numbers:

DJIA: Closed Up @ 10,959.31 (+77.16)

NASDAQ: Closed Up @ 2,305.62 (+28.75)

S&P 500: Closed Up @ 1,285.45 (+11.97)

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NYMEX Crude Oil Future closed @ $64.21/barrel
New York Spot Gold closed @ $538.80/ounce

Currently, The U.S. Dollar buys
0.823 Euros
Currently, The Euro buys 1.215 U.S. Dollars


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