Seems like a lifetime ago; could it really have only been one year ago today?
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Wall Street shot past two milestones yesterday as the Standard & Poor’s 500-stock index and the Dow Jones industrial average hit records.
Investors, who earlier this week were anxious about fallout from the subprime mortgage market meltdown and a possible slump in consumer spending, seemed to set aside those concerns for now and take a more optimistic view of the long-term economic outlook.
The Dow climbed 283.86 points, or 2.1 percent, to 13,861.73. The rally was broadly based. All 30 stocks that make up the Dow average rose. In terms of points, it was the biggest gain for the Dow since October 2002. In percentage terms, it was the biggest gain since October 2003.
Many investment strategists said they believe the stock market remains fundamentally strong. One surprise for investors was the bellwether Wal-Mart Stores, which posted surprisingly strong sales. The retail giants Costco and Target also had solid gains. Shares of Costco rose $1.02, to $61.74; Target gained $4.44, to $70.04.
Is this really a year ago, because this sounds awfully familiar.
See what I mean about the same s*** shovel, readers?
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