Thursday, April 7, 2011

Dow Jones Closes At The Highest Since 2008, 07-04-2011

The Dow Jones rallied almost hit a three-year high, as Tech gains overshadowed concern that a budget impasse in Congress will shut down the government that may happen as soon as this weekend. Financial stocks led gains, +1.1%, there were reports portfolio managers who were underweight in Q1 were unwinding their bet. Energy stocks came under pressure after the government's weekly inventory report showed smaller-than-expected declines in U.S. supplies of oil and gasoline, raising fears that energy demand is waning. The Dow Jones Industrial Average closed up 32.85 pts, or 0.27%, to 12426.75. The S&P 500-stock index tacked on 0.1% to 1333.

Despite negative concerns of Portugal’s bailout request from the EU and Congress risks a federal government shutdown if it fails to approve a spending bill by Friday.

Cisco triggered a technology rally on speculation the maker of networking equipment will sell or spin off its consumer business.

American Express, JP Morgan and Bank of America shares also surged, in line with a rally in European financial

Dow Jones Is Likely To Consolidate soon Owing To Overbought Indicators.


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