I knew it! I had figured that September was shaping up nicely but I didn’t think the market would be so good. This means that earnings might look pretty good.
By Hibah Yousuf, staff reporterSeptember, CNNMoney.com
NEW YORK (CNNMoney.com) — The summer has come to an end, and so has the market slump that came with it. With little on tap to challenge the recent rally, stocks are on track to close September with the biggest monthly gains in over a year.
Though September is typically down month on Wall Street and the economic recovery remains sluggish, investors have taken cues from recent upbeat economic news to propel major indexes sharply higher during the month after a sell-off in August.
“We’ve been seeing modestly favorable economic numbers lately, which has allowed markets to keep moving up,” said Stephen Carl, head equity trader at Williams Capital Group.
So far, the Dow has rallied 8.4%, which would be the best monthly gain since July 2009, when the blue-chip index added 8.6%. The latest lift also puts the Dow on track for its best September since 1939, when it rose 13.5%.
The S&P has rallied 9.5%, the largest increase since April 2009, and the Nasdaq has surged 12.6%, the biggest jump since October 2002.
Read more at CNNMoney.com