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Dow Closes at New High for 2009
The Dow soared to a new high this week. It climbed 377 points, or 4%, for the week to close at 9864.94.
The Dow climbed four of five sessions this week and ended up 4% over that period, snapping a two-week losing skid.
The market's gains this week have been driven by a promising start to the earnings season from Alcoa, whose shares gained 10% since Monday, and a move by the Reserve Bank of Australia to tighten its key interest rate. Many investors interpreted that move as a sign that the global economy is returning to normalcy following last year's meltdown.
"Much of the earnings we are going to see will depend on the global economy," said Jordan Smyth, a managing director for Edgemoor Investment Advisors. "It seems everyone now expects earnings will continue to exceed expectations and we'll be looking for confirmation that businesses are seeing what we think we're seeing in the economy."
If the Dow climbs to 10,000 that still leaves the index around 30% down from its high point. Even so, many investors will be relieved to see that number again. The stock market seems to indicate the economy is out of the woods but there are still troubling indicators out there in housing, retail and unemployment.
Posted on October 10, 2009
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