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Thursday, January 28, 2010

Wall Street Investors Shakes Off Housing Jitters Ahead Of Presidential Address

DJIA Rose Ahead Of Obama's State Of The Union Address Tonight
The market rallied after Wall Street had been hit by so many negative bits of news (lately), whether from Washington or China, that there was some relief that there wasn't anything overtly negative that could be construed from the Fed statement. The market also managed to overcome jittery housing data and rallied from the 3rd quarter of the trading day

The Dow Jones industrial average (DJIA) gained 41.87 points, or 0.41 percent, to end at 10,236.16.
In contrast to the late-day wave of selling a day earlier, Wall Street closed Wednesday’s eventful session near session highs as the bulls look to recoup some of last week’s big losses.

The Standard & Poor's 500 Index rose 5.33 points, or 0.49 percent, to 1,097.50. The Nasdaq Composite Index climbed 17.68 points, or 0.80 percent, to 2,221.41.

During the regular session, Apple's shares rose 0.9 percent to $207.88, reversing course from a drop of more than 3 percent earlier in the day after the company unveiled its iPad tablet computer.

Today in the tug of water between the positives of strong earnings and negatives political backdrops, strong earnings won.

Volume was light on the New York Stock Exchange, with about 1.3 billion shares changing hands, below last year's estimated daily average of 2.18 billion. On the Nasdaq, about 2.49 billion shares traded, above last year's daily average of 1.63 billion.

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