Change you can believe in!
Original post made by Obama, another community, on Jul 23, 2009
Strong housing data combined with good earnings reports to spur a stock-market rally that pushed blue chips to a new 2009 high and the Nasdaq Composite Index to a winning streak unparalleled even in the dot-com bubble.
The Dow Jones Industrial Average leapt 188.03 points, or 2.1%, to 9069.29, helped by gains in components 3M, up 7.4%, and AT&T, up 2.6%. Both announced declines in profits smaller than analysts expected.
The Dow is at its highest point since Nov. 5, up 3.3% for the year, but still down 36% from its closing record in October 2007.
The Nasdaq Composite Index rose for a 12th day in a row -- the longest such streak since 1992. The tech-stock-heavy measure rose 2.5%, helped by an 11% gain in online auctioneer eBay after it said current-quarter results would top analyst estimates.
The S&P 500 rose 2.3% to 976.29, also its highest close since early November. All its sectors posted gains.
Treasury prices fell as investors put their money in stocks, pushing the yield on the benchmark 10-year note to its highest level in more than a month.
Some traders wonder how durable the stock gains will be, noting persistent weakness in employment and corporate revenue that hasn't shown much improvement even as profits have risen.