Wednesday, June 29, 2011

Dow Jones Is In Mid Year Window Dressing To Spur Index Higher

Wall Street recap: Dow Jones surges 1.2% or 145 points to 12189
US stocks rose amid optimism European nations will take action to prevent a Greek default and after Nike Inc.’s earnings beat estimates. The S&P 500 advanced 1.3% to 1,296.67. The Dow Jones Industrial Average increased 145.13 points (+1.2%) to 12,188.69.

Greek lawmakers are expected to vote Wednesday and Thursday on the austerity measures, which must be passed in order to receive the next payment of its bailout, and to avert a potential Europe-wide credit crunch.

Consumer confidence dropped to a seven-month low in June as Americans grew concerned about the outlook for jobs and wages. The Conference Board’s sentiment index decreased to 58.5 from a revised 61.7 in May that was higher than previously estimated. Economists predicted a June reading of 61.

Home prices decreased in the year ended April by the most in 17 months, showing the housing market remains an obstacle for the US recovery. The S&P/Case-Shiller index of property values in 20 cities fell 4% from April 2010, the biggest drop since November 2009. From March to April, prices fell 0.1% on a seasonally adjusted basis, the smallest decline since July 2010.

Daily Dow Jones Is In Mid Year Window Dressing To Spur Index Higher


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