Do you think our economy is going to get better or worse in the next six months?
Stocks rallied yesterday, with the Dow industrials surging to a 13-month high, as investor optimism gained momentum. The Dow Jones industrial average (INDU) soared 204 points, or 2%, to close at 10,226.94 -- its highest level since Oct. 3, 2008.
The gains were broad-based, with all but 1 of the 30 components in the blue-chip index closing higher. Financial and commodity-related shares led the advance.
The S&P 500 (SPX) gained 24 points, or 2.2%, to settle at 1,093.07 and the Nasdaq composite (COMP) rose 42 points, or 2%, to close at 2,154.06.
Stocks rallied right out of the gate Monday after the Group of 20 said over the weekend that it would keep economic stimulus in place. With little news on tap for this week, "psychological factors and technical levels are driving 70%-80% of this market," said Financial Enhancement Group analyst Joe Clark.
My question to you: Give it your best shot - Do you think our economy is going to get better or worse in the next six months?
full cnn article
The gains were broad-based, with all but 1 of the 30 components in the blue-chip index closing higher. Financial and commodity-related shares led the advance.
The S&P 500 (SPX) gained 24 points, or 2.2%, to settle at 1,093.07 and the Nasdaq composite (COMP) rose 42 points, or 2%, to close at 2,154.06.
Stocks rallied right out of the gate Monday after the Group of 20 said over the weekend that it would keep economic stimulus in place. With little news on tap for this week, "psychological factors and technical levels are driving 70%-80% of this market," said Financial Enhancement Group analyst Joe Clark.
My question to you: Give it your best shot - Do you think our economy is going to get better or worse in the next six months?
full cnn article
Replies to This Discussion
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Permalink Reply by Johnny Blue on -
I have confidence that the economy will get better in 2010. Yes, there will probably be bumps along the way, but I believe the stock market and unemployment numbers will be better.
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Permalink Reply by Kevin on -
The holiday's will bring in some seasonal jobs and spending will go up but after that who knows. The majority of new jobs are created by new businesses and helping people start those businesses needs to be a priority. Our economic system is set up to serve corporations where you have the super rich and the drones that work for them. Our biggest employer is Walmart a company that pays it's workers shitty wages. It's reached the point where the American worker can't buy the things they make or sell. For this reason I try and support local businesses and independent businesses like record labels, clothing companies, skateboard companies, etc.
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Permalink Reply by Michael Marschner on -
The situation now is too reminiscent of the 1930's for me to be too positive. In 1932 there was what appeared to be a recovery in the stock market, and then in 1933 the bottom fell out, and unemployment surged, more banks closed, and so on. I'm not saying that I think that will necessarily happen again, but what I am saying is that the actions Obama and congress take right now will define what the economy of the future looks like. We need jobs. Let me say that again, we need JOBS.
If the stock market recovers a little ground temporarily, it will be nice. If American consumers decide to skimp on Christmas shopping, holiday travel, and other such purchases, it will drive the struggling stocks down again. If Obama and his congressional cohorts can pass legislation that will enable to struggling private sector to grow and create jobs (an example of such legislation would be a repeal of the estate tax www.estatetaxtruth.org) then things may start to look up in a few months as jobs are added again. However, if Obama and the congress stick to their quasi-socialist ideology of government and the public sector being the solution, then we are in for a long, dark, winter. and spring. and summer. and you get the idea.
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Permalink Reply by Mark Huckabee on -
I totally agree with you on this. WAY too many people in America are directly or indirectly paid by the Fed. Even myself as a consultant to the government fall into that category. The deficit spending can't go on forever. We really need to see private industry grow and thereby grow real jobs. That is the only thing that will pull us out, not more government spending of borrowed money. I think it is too early to make predictions. Wait until January when we see the holiday retail numbers and the post-holiday job numbers. Then we will know which way we are headed.
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Permalink Reply by Charles on -
I'm not sure about six months but it will definitely help when & if film studios begin to produce in CA again in 2011, when the tax incentive to keep productions in the state kicks in. Just look at Vancouver (where the majority of films are being produced now). CA streets will be paved with gold.
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