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Latest Economic Forcasts, U.S. and Foreign Markets
Many wall street types have been speculating that the economy is set to begin making an upswing by the end of the year. This is great news for those us us out here that have been getting fewer and fewer miles or good paying loads.
We really need the stimulus plan to kick in, every day I hear from drivers who have lost their house to forclosure and are living in their trucks. Personally my income is down about 40% from last year. And even though many of us don't agree with the current administration in Washington D.C., we really need to stick together in times such as these and support the efforts to bring this economy around. You can either bitch about the situation, or take part and do something to help make it better!
J.D.
Bloomburg Reports: U.S. Stocks Rise as Dow Posts Best Two-Week Gain in Nine Years
By Whitney Kisling
July 25 (Bloomberg) -- U.S. stocks rose, completing the steepest two-week rally for the Dow Jones Industrial Average since 2000, as companies beat profit estimates and an increase in home resales signaled an economic recovery may be underway.
Caterpillar Inc. soared 24 percent after reporting earnings that tripled analysts projections, and EBay Inc. rallied on results that signaled consumers appetite for online commerce is rebounding. Homebuilders in the Standard & Poors 500 Index climbed 11 percent as sales increased for a third month. All 40 energy companies in the S&P 500 rallied.
The S&P 500 added 4.1 percent to 979.26. The Dow average jumped 349.30 points, or 4 percent, to 9,093.24, topping 9,000 for the first time since January and extending its rally since July 10 to 12 percent. The Nasdaq Composite Index gained 4.2 percent to 1,965.96. Its 12-day winning streak, the longest since 1992, ended yesterday as Microsoft Corp. dropped.
"The rally's been a surprise to everyone, including the bulls," said Philip Dow, the Minneapolis-based director of equity strategy at RBC Wealth Management, which oversees $112 billion. "Whats driving the market is positive earnings surprises, and the economic tea leaves are telling us the recovery is at hand."
Companies from American Express Co. to 3M Co. reported second-quarter results that topped estimates, suggesting the worst recession in a half century is abating. Seventy-five percent of the companies in the S&P 500 that have released results surpassed predictions, according to data compiled by Bloomberg. That would be the highest rate ever for a full quarter, Bloomberg data going back to 1993 show.
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