Friday, October 9, 2009

Wall Street looking better

Wall Street on Friday recorded its first full week of consecutive gains since November 2006 after strength in technology stocks added to this week’s rally.

"Positive economic data, the weak dollar and rising commodity prices pushed stocks higher this week. After Wednesday’s close, Alcoa set a positive tone for the third-quarter earnings season by posting a profit and, on Thursday, leading US retailers reported their first monthly sales gain since September 2008.

Bruce Shalett, founder of the Wynston Hill Capital boutique investment bank, said: “There’s reason to feel cautiously optimistic . The retail data that came out resonated very positively with investors who are hoping upon hope for reasons to believe that the recovery is sustainable.”

So this is good news to hear obviously, hopefully the recovery is indeed sustainable as they said. If this continues maybe the public will be more willing to invest and less inclined to withdraw all of their money from the market. In any event, good stuff. Oh and Apple's stock is still rising, which I suppose isn't that great of a surprise. I remember back a few months ago when it was at $88.00/share, and today it's listed at $190.47. Incredible. If only I had a few thousand dollars back then when it was low.

Anyway, have a nice weekend!

Full story HERE

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