The Bull charged north today and the DJIA sliced into the psychological resistance at 10,000 for the 1st time since last October, as investors hailed the strong earnings reports from Intel Corp. and JPMorgan Chase & Co. The DJIA gained 134.45 pts, or 1.36%, to close at 10,005.51, the S&P 500 added 17.35 pts, or 1.62%, to end the session at 1,090.52, and the NAS tallied up + 27.97 pts, or 1.31%, to end the break thru day at 2,165.01. JPMorgan Chase, (covered in Stock Talk today) is the 1st major bank to report Q-3 earnings, the report announced profit in Q-3 climbed to US$3.59B, beating analysts’ estimates by almost 7 times. Intel, (covered in Stock Talk yesterday) the world’s largest computer-chip maker, reported a smaller-than-expected decline in profit and sales after the Bell on Tuesday’s closing bell. It also exceeded analysts’ estimates and guided higher into 2010.
These current reports and forward looks add to evidence that the global economy is recovering from the recent recession.
The US$ slumped to 75.44 (heading to 72) a 14 month low in trading today, against a basket of six other major currencies, helping send Gold to record highs, and Crude Oil comfortably back over US$70.00 bbl.
Note: The USD index baseline of 100.00 was set at its introduction in March 1973 and, since then, the index has climbed as high into the 160s and fallen as low as the 70s.
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