Friday Stock Report: Good News Continues
The September rally in the stock market continued today as major indexes closed out in the green. Early trading was light as investors awaited the release of a report on wholesale trade. The report showed that wholesale trade did rise in July, though not at as quick a pace as inventory increased. Analysts say that we are currently in the midst of a massive inventory buildup, which often indicates that wholesalers are expecting a drastic rise in retail sales. Either way, the wholesale report led to Friday’s markets closing ahead for the seventh time in eight sessions.
Concerns over the possibility of a double-dip recession or even a Japanese style “lost decade” seem to be waning, and investors have shown enough confidence for stock indexes to post weekly gains. The Dow Jones Industrial Average gained 46 percent to close at 10,462. The Standard & Poor’s 500 closed up .5 percent at 1,109.55, and the Nasdaq gained .29 percent to close at 2,242. Oil prices rose on the day, as did the yield for the 10-year Treasury Note. The US dollar lost ground to the Euro. Some of the many sectors with a strong Friday showing were oil and gas equipment, oil and gas driller/refiners, agricultural products, publishers, advertising, and home furnishings. The multi-utilities sector was the lone sector with a significant drop.