Dow Hits 10K, You Can Go Back to Work Now
Posted on Oct 14, 2009
Put down your pitchforks and pick up the champagne. Boom times are here. The Dow is over 10,000 for the first time in a year. What’s that? Real unemployment is at 17 percent, and they’re foreclosing your house? Stop being such a communist and party! —PZS
The Dow’s rally above 10,000 was led by banks and erases about half the damage done since the gauge soared to a record two years ago. More gains may depend on meeting profit estimates that call for per-share earnings among the 30 companies in the average to rise 22 percent next year and 18 percent in 2011, according to data compiled by Bloomberg.
Leaders to 10,000
Bank of America Corp., American Express Co. and JPMorgan more than doubled since the Dow slid to a 12-year low on March 9 as global financial firms began recovering from $1.6 trillion in writedowns and credit losses. International Business Machines Corp. and Hewlett-Packard Co. jumped at least 54 percent since March 9 on signs the nation was recovering from the worst recession in seven decades.
Flickr / I.Gouss
Touching the Wall Street bull statue is supposed to give you good financial fortune, but this guy may be taking it too far.