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Market goes 2-for-2 in 2006 - Money Matters for 1/4/06
US equity indices took yesterday's spectacular gains in stride and tacked on some fresh ones today. Shrugging off declines in auto and truck sales and a somewhat ho-hum reading on post-holiday weekly same store sales, stocks surged ahead, again being led, not surprisingly, by techs.
Apparently, there are deals out there. Either that, or investors are so flush with cash that they have no other place to put it than into US stocks at already elevated levels.
While the Nasdaq and NYSE are pushing 52-week highs, the NYSE composite has driven to new all-time highs the past two days.
This rally will be tested in upcoming days as the Dow nears 11,000 and the Nasdaq approaches similar recent highs at the 2270-2275 level.
If today was any indication, investors are leaving nothing on the table. Combined new highs to new lows was an astounding 457-54 and the advance decline line was solidly in the black at better than 2-1.
With corporate earnings for the 4th quarter just ahead, it looks like smooth sailing for the economy, though data from the labor department on Friday may offer a better overall picture. If more than 200,000 jobs were created in December, it will be looked upon as a win, though even lower numbers are unlikely to diminish the exuberant mood on Wall Street.
Dow Jones: +32.74; 10,880.15 close
NYSE Advancers: 2404
Nasdaq Advancers: 1891
NYSE New Highs: 288
Nasdaq New Highs: 169
Gold: +3.10; 535.60 close
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