Wall Street rejoices with the return of 10,000 points
October 15, 2009
The Dow Jones returned the psychological barrier of 10,000 points, closing Wednesday up 1.47% at 10,015.86 points. The Nasdaq Composite took him about 1.51% to 2172.23 points.
A little over a year after the dramatic collapse of U.S. bank Lehman Brothers, an event that had resulted in global markets plummeted and opened the gap to a financial crisis unprecedented Index Featured on Wall Street has the refranchi 10,000 points mark. A threshold that had been lost October 6, 2008. A spectacular recovery, on Wednesday welcomed with shouts of joy from the brokers on the floor of the New York Stock Exchange today, according to images broadcast by news channel CNBC. The Dow Jones rebounded by about 53% since its lowest level reached in early March.Admittedly even some brokers, this sudden recovery has enough left speechless, especially if you look at six or twelve months behind, when global stock markets tumbled from day to day.
The companies head out of water
U.S. companies that have licensed massively and dramatically reduces costs, now publish the results better than expected, which confirms the economists in their belief that recovery is indeed engaged. Today is Intel and JP Morgan who created the surprise by revealing in turn results above analysts' expectations.
According to economists, the U.S. government should also spell the end of the recession October 29 by posting a gross domestic product increased again in the third quarter.But despite the euphoria of today, the path leading to a strong economic recovery will be, by the admission of the U.S. Federal Reserve, long and tortuous. According to the 'minutes' from their last meeting released on Wednesday, leaders of the Fed believe that unemployment should not fall "significantly" in 2010. It should thus exceed 10% of the workforce in the coming months the United States.
Another record on Wednesday, made by oil, which finished above 75 dollars in New York for the first time in a year. On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for November delivery ended at 75.18 dollars, up 1.03 dollars from Tuesday's close.
The values of the day
JPMorgan Chase (0.61%) reported net income increased sevenfold to $ 3.6 billion or 82 cents per share in the third quarter.Last year at the same time, the bank had reported a quarterly profit of $ 527 million or 9 cents per share.
Net earnings from Intel (1.66%) fell by 5% a year to 1.9 billion dollars. Excluding items, earnings per share amounted to 33 cents as the market expected 28 cents. The turnover amounted to 9.4 billion (-7.8% yoy), while the group expected a range between 8.8 and 9.2 billion dollars.
Tuesday, Ford (+0.52%) announced a preliminary agreement with its main U.S. union, the UAW for a new collective agreement. Moreover, it increased by 4.5 million units of its recall program car linked to a defect on cruise control.
Mattel said it has signed an agreement to end the prosecution related to the sale of toys contaminated with lead.The agreement, which should not impacting its accounts, comes three months after a fine-record 2.3 million Mattel imposed by the U.S. agency responsible for ensuring consumer safety.
Earnings Abbott Laboratories (3.12%) increased 37% in the third quarter of $ 1.48 billion, or 95 cents per share, against 1.09 billion (69 cents) a year earlier. Excluding items, earnings per share amounted to 92 cents.
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