Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
Posted by: Ben Levisohn on July 23, 2009
U.S. stock markets rallied today, with the Dow Jones Industrial Average, the Standard & Poors 500 stock Index and the NASDAQ Composite all finishing the day up over 2%. Both the Dow and the S&P broke through important levels of resistance, and the Dow closed above 9,000 for the first time since January. “We hadn’t made a clear break of June highs,” says Ned Davis Research’s Will Geisdorf. “Today was the first day we truly cleared above that June resistance level.”
Technical analysts were elated. For months, they’ve been trying to convince their nervous clients to go all-in on the stock market. The pointed to low downside volume, as well as the lack of strong selling during the consolidation that took place during the past month.
But today’s move confirmed that the current upswing isn’t just a dead-cat bounce but an honest-to-goodness bull market, even if it’s “one of the most unloved and doubted bull markets in history,” says InvesTech Research’s James Stack.
Businessweek’s Emily Thornton, Amy Feldman, Ben Levisohn, and Ben Steverman focus on matters great and small for investors, from the views of a hot fund manager to an explanation of the latest products devised by Wall Street’s rocket scientists. Exploring trends in any area, from bonds and stocks to closed-end funds and futures, always with an eye towards giving investors a better understanding of the sometimes confusing and often chaotic world of finance. Standard & Poor’s senior index analyst Howard Silverblatt will also provide his take on companies’ finances and the markets. Voted one of the “Top 100 Finance Blogs” in 2007.