Tag Archives: Newmont
So it finally happened. Yesterday, the venerable Dow Jones Industrial Average topped its January 2000 record high of 11,723. Are we supposed to laugh, cry, clap or what?
Stock market investors aren’t happy campers tonight, with the major indexes closing the session at fresh 2005 lows. More selling appears likely at tomorrow’s open on the heels of this afternoon’s wet-blanket earnings report from technology bellwether IBM. But is the world coming to an end? Hardly.
Gold is popping this morning, back up to the vicinity of last Friday’s highs. So it’s a good time to review where we’ve come from, and where we’re likely to go.
As usual, the stock market is doing things on its own schedule — not ours or anybody else’s. But it sure looks as if a marvelous bottom is shaping up. Yesterday’s panicky selloff had the earmarks of an exhaustion move. Downside share volume on the NYSE outnumbered upside volume by a whopping 11:1 margin. That’s the kind of reading you normally see at, or in the neighborhood of, a major low.
You’ve got to hand it to the stock market’s bulls. They’re persistent. Stock prices tumbled in the early going today, on three pieces of disappointing news. Jobless claims came in high, construction spending was down — and then, the nation’s purchasing managers reported an unexpected drop in their closely watched manufacturing index, to its lowest level since November 2001.