And yet more optimism. Great data, great optimism, great opportunities ahead to recover now that macroeconomic data shows favorable conditions. This article is good preparation for the coming week.
By Alexandra Twin, senior writerApril 11, 2010: 8:48 AM ET
NEW YORK (CNNMoney.com) — Investors return to work this week with the Dow just short of 11,000, the Nasdaq nearing a two-year high and the first-quarter reporting period set to take off.
The blue-chip Dow crossed the 11,000 mark just before the close Friday, but ended short of that to finish at a new 18-month high. The S&P 500 also carved out another 18-month high. Meanwhile, the Nasdaq stands at its highest point since June of 2008.
But that leg of the rally occurred in a quiet week when few economic reports were released, Congress was on break and the quarterly reporting period hadn’t yet begun. This week ushers in a decidedly busier period.
“Dow 11,000 is a nice headline, but the Dow is not the economy,” said Brian Battle, vice president at Performance Trust Capital Partners. He said that continued momentum from the recent rally should carry over in the week ahead, with stocks continuing to rise after the Dow, S&P 500 and Nasdaq composite have all climbed in seven of the last eight weeks.
“We’ve had a Rodney Dangerfield stock market rally, where we get no respect because no one believes it can keep going,” Battle said. “Earnings season starts next week and that’s going to be key.”
Read more at CNNMoney.com