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It's largely happening due to the weak dollar. U.S. stocks have become a real bargain for investors inside and -- even more so -- OUTSIDE the nation. A cheap dollar vs other currencies makes US stocks a good buy. Problem is: the weak dollar doesn't help dollar owners to purchase as much.
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More partisan nonsense. The brand new record is indicative of a very strong economy, and there are no signs it will be slowing down anytime soon.
1) The Dow is made up of 30 companies, anyone who is being serious about the US stock market looks at the S+P 500.
2) Dow 13,000 means zilch except for the media. The percentage rate of return is far more important than some arbitrary index number.
3) Read Fogbuster's post up top.
4) We have more foreign ownership of our stocks and bonds than before. We better be competitive in the future or else. OR ELSE. Think wasting $700 billion on Iraq and exploding the national debt is going to help our nation's long-term infrastructure and business competitiveness? Would be nice to have an administration that cares about our country for the long-term.
5) That being said, the real good news that is being missed in all the 13k talk is the fact that the P/E ratios of the S+P500 are right now around 15. That is closer to the historic norms of the past 100 years than we've been in over a decade and signals a strong foundation (and reason) to this stock market level.
"They (Patriots) may be the greatest team ever" - Chris Mortenson, January 18, 2005 on espn.com
Look at the latest astonishing estimates from economists Emmanuel Saez of the University of California at Berkeley and Thomas Piketty of the Paris School of Economics. They find that the richest 10 percent of the population received 44 percent of the pretax income in 2005. This was the highest since the 1920s and 1930s (average: 44 percent) and much higher than from 1945 to 1980 (average: 32 percent).
But the biggest gains occurred among the richest 1 percent. Their share of pretax income has gradually climbed from 8 percent in 1980 to 17 percent in 2005. Indeed, many others in the top 10 percent seem mainly upper middle class. For example, those in the richest 90th to 95th percentiles had average incomes of about $110,000.
In my opinion this wealth disparity has been a goal of Republican racists; to protect the landed elite, the old white families who are slowly losing power to an increasingly integrated and multicultural electorate. They're stocking away their money, moving it overseas, so that they can use it to manipulate and blackmail the economy when necessary. They support Bush's war because it helps the stock market, despite the absence of a broader economic plan.
Of course, QuiGon merely looks at the big numbers and says, "Gee, I see that the stock market is up, so the economy is doing great." But, any person with a soul understands the only measure of an economy is how it is benefiting its people. I think Bush has given us a mediocre economy, with a strong stock market driven by the weak dollar and deficit spending. I think many people are left out in the cold. A lot of the people I know are blue collar types -- plumbers, electricians, etc. They all express dissatisfaction with the economy, complaining that the price of materials is going up and jobs are paying less.
Sigh. You people are just scared of people creating wealth and not being dependent on the governmet.
Patters, you are a disgrace to all moderators. Race and class baiting all the time, you suck.
maverick4, I'd love to see how you get those numbers but the S&P 500 is up 8% annually since 1997 (don't have since 2000 specificallY), 6% annually since 2002 and 10% annually since 2004 - those are all WAY above inflation.
schmessy, Dow 13K does mean something - everyone says it doesn't but then those barriers are tough to break through. Look at S&P 1500, that's a big one to break through and they couldn't get themselves to do it today; it was like a brick wall when they got within 5 points.