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The hope of the left was that the U.S. economy would tank, helping to elect a Democrat in ‘04. But the economy appears to be trending up. Even the airline stocks are climbing.
CBS MarketWatch
Dow jumps triple-digits to new yearly high
By Tomi Kilgore
NEW YORK (CBS.MW)—The major U.S. stock indexes celebrated the anniversary of their bear market bottoms a day early by surging to new yearly highs Thursday, after a fall in claims for state unemployment benefits suggested the economic recovery may no longer be jobless.
In addition, Yahoo’s better than expected quarterly report and strong monthly sales updates from retailers suggested the coming third-quarter earnings reporting season would help justify recent gains.
The Dow Jones Industrials Average ( ^DJI -News ) jumped 133 points, or 1.4 percent, to 9,764, the highest level seen since early-June 2002.
Of the Dow’s 30 components , 28 traded higher. Hewlett-Packard (NYSE: HPQ -News ) led the way with a 5.5 percent gain following a positive analyst comment, and a powerful surge in airline stocks helped propel the Dow’s aerospace component makers—Boeing, United Technologies and Honeywell—to gains of at least 2 percent.
Jobless Claims Lowest in Eight Months
By JEANNINE AVERSA
The Associated PressWASHINGTON – New claims for unemployment insurance fell last week to their lowest level in eight months, a hopeful sign that companies may be having a bit more faith in the staying power of the economic recovery and thus are easing the pace of layoffs.
It looks like the Bush tax cuts worked.
