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Thanks to news like JP Morgan Chase's big 3rd quarter earnings, the Dow Jones has been up over 100 points and is thisclose to hitting the 10,000 point mark—right now it's at 9,980.79. CNBC points out, "The Dow was last at the 10,000 level on Oct. 3, 2008. It is up more than 52 percent since early March, when the Dow hit a low of 6,547."
Dow Flirts Near 10,000
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It's the same media that NEVER mentioned Muslims' hatred of Israel as a possible motive for 9/11.
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until it creates jobs, it means nothing. all it does is line pockets...already lined and bulking.
gotta be in it to win it, chief.
Agreed.
If the Dow keeps flirting with 10,000, will it take 10k home tonight and screw it?
+1
Expect a selloff once the arbitrary 10k mark is reached.
It's more like a psychological barrier to breach.
Thank goodness! my investments in hookers and blow will finally earn some money again! MODELS AND BOTTLE SERVICE BABYYYY
The thing is, the numbers on the DJIA are artificially bloated as the value of the dollar continues to diminish, being propped up by foreign sources because it's so cheap. Just wait until every major oil producing country decides they don't want to sell oil in dollars because they're taking too big a loss. The fan will be hit.
Dont hold your breath. We have a huge base in Saudi Arabia and a history with them. Saudis will not change currency. If they dont it wont matter what the others do. Also we own Iraq at this point and Iran has bigger things to worry about then changing currency.
The more things change. the more they stay the same. Dont panic and buy or be priced out forever!
Nonsense. After the U.S.,China is their biggest customer and NOBODY wants those Yuans. And while transactions are increasingly in Euros, the European Central Bank is too tight with their currency for it ever to replace the dollar. Additionally, the ECB is worried about the Euro's value and may start buying up dollars to balance that relationship.
The Chinese have a very long term view on everything so while I don't think the yuan is going to be a true global currency anytime soon, it will happen. China has done currency swaps with other central banks with the goal of removing the dollar as an intermediary. To be a truly global currency the yuan would have to be freely traded and China would need a robust debt market. Not going to happen next year but it will happen. Probably by the time they have completely sucked us dry and diversified out of dollar debt. I'm surprised they haven't bought up more US companies by now. Use the dollars to buy intellectual property.
They've tried. Remember CNOOC's attempt to buy Unocal? Congress scared them off and Chevron took it. China knows they can't just swagger in and buy whatever they want so their focus is on little deals that get their foot in the door while they load up on oil and other commodities. It's as if you're Walmart, doing retail capitalism at the front of the house but all your sourcing and buying at the back of the house is through a communist operation of political deals and heavyhanded grabs.
I'd like to know where Wall Street expects future growth to come from. Once inventories are rebuilt, production increases, hiring resumes, etc. exactly what is the new normal going to look like? What if the new normal for unemployment is 7 to 8 percent rather than 4 to 5? Surely they don't expect the personal savings rate to go negative again? While I don't expect another imminent crash I don't see what the fuss is about. Comparing 2009 earnings with 2008 is meaningless. I expect sometime in Q1 or Q2 of 2010 Wall Street is going to look six months down the road and not be impressed.
Back in the 80s, I remember economists talking up the benefits of perpetual 7% unemployment, how it keeps wages down and drives productivity. Throughout that decade unemployment was between 6%-8%, and we were booming. I think Bernanke wants to crush the overconsumption that led to the credit meltdown last year. But record profits never equates with record investment in the U.S.: companies will continue to shift jobs abroad.